U.S. Navy Awards General Dynamics $39.5 Million Contract Modification for Submarine R&D
GROTON, Conn. – The U.S. Navy has awarded General Dynamics Electric Boat a $39.5 million contract modification for submarine research and development. Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE:GD).
The award modifies a contract originally announced in March 2000 which, if all options are exercised and funded, has a total potential value of $138 million over six years. Under the terms of the modification, Electric Boat will perform the research and development work on Seawolf- and Virginia-class submarines. The work is scheduled to be completed in September 2005.
General Dynamics, headquartered in Falls Church, Virginia, employs approximately 64,600 people worldwide and estimates 2003 revenues of $15.5 billion. The company has leading market positions in mission-critical information systems and technologies, land and amphibious combat systems, 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 - Tuesday, September 9, 2003
Press Contact: (860) 433-8556
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