Navy Awards General Dynamics $17.2 Million for Seawolf R&D
GROTON, Conn. – The U.S. Navy has awarded General Dynamics Electric Boat a $17.2 million contract modification for research and development work on Seawolf-class submarines. Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE: GD).
The award modifies a $30.6 million contract initially awarded in March 2000. If all options are exercised and funded, the five-year contract will be worth $138 million.
Under the terms of the contract, Electric Boat will undertake studies relating to design improvements, systems engineering integration, logistics engineering and production engineering in support of the Seawolf program. The work will be performed in Groton.
General Dynamics, headquartered in Falls Church, Virginia, employs approximately 56,000 people worldwide and had 2002 revenues of $13.8 billion. The company has leading market positions in land and amphibious combat systems, mission-critical information systems and technologies, shipbuilding and marine systems, and business aviation.
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Any "forward-looking statements" contained in this press release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
General Dynamics Corporation (ticker: GD, exchange: NYSE)
News Release - Wednesday, March 19, 2003
Press Contact: (860) 433-8556
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