Navy Awards General Dynamics $59.2 Million Contract Modification for Virginia-class Work
GROTON, Conn. – The U. S. Navy has awarded General Dynamics Electric Boat a $59.2 million contract modification for Virginia-class submarine lead-yard services. Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE: GD).
The award modifies a $75 million contract initially announced in September 2000. If all options are exercised and funded, the five-year contract will be worth about $500 million.
Under the terms of the contract, Electric Boat will maintain, update and support the Virginia-class design and related drawings and data for each submarine, including technology insertion, throughout its construction and post-delivery maintenance period. Electric Boat will also provide all engineering and related services for maintenance and support of Virginia-class ship specifications. The work is expected to be completed by April 2004.
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 - Thursday, April 3, 2003
Press Contact: (860) 433-8556
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