General Dynamics Awarded $6 Million Contract Option for Virginia-class Repair Parts
GROTON, Conn. – The U.S. Navy has awarded General Dynamics Electric Boat a $5.9 million contract option for advance procurement of on-board repair parts for the first four submarines of the Virginia Class. Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE: GD).
The option is part of a $4.2 billion contract the Navy awarded Electric Boat in 1998 for the construction of the first four ships of the class.
The work will be shared between Electric Boat (55 percent) and Northrop Grumman Newport News (45 percent), Electric Boat's teammate in the Virginia-class construction, and will be completed by December 2007.
General Dynamics, headquartered in Falls Church, Virginia, employs approximately 57,000 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 - Monday, June 9, 2003
Press Contact: (860) 433-8556
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