U.S. Navy Awards General Dynamics $43.5M for Virginia Class R&D
GROTON, Conn. – The U.S. Navy has awarded General Dynamics Electric Boat a $43.5 million contract modification for research and development work on the Virginia-class submarine program. Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE: GD).
This award modifies a five-year, $78 million contract announced in September 2000 that will be worth $480 million if all options are exercised and funded. Under the terms of this modification, Electric Boat will perform development studies for Virginia-class design improvements, and will continue to evaluate new technologies for insertion into succeeding Virginia-class submarines. Work will be performed in Groton (94 percent), Quonset Point, R.I. (5 percent) and Newport, R.I. (1 percent), and is expected to be completed by September 2004.
Electric Boat, teamed with Northrop Grumman Newport News, has contracts worth a total of $12.8 billion to build the first 10 ships of the class. Electric Boat will deliver the lead ship, Virginia (SSN-774), in 2004.
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.
# # #
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, September 22, 2003
Press Contact: (860) 433-8556
|
NEWSLETTER
|
| Join the GlobalSecurity.org mailing list |
|
|
|
