General Dynamics Awarded $5 Million Contract Modification for Navy Nuclear Work
GROTON, Conn. – The U. S. Navy has awarded a $5 million modification to a previously awarded contract under which Electric Boat will manage and support nuclear-maintenance work for submarines homeported at Submarine Base New London, Conn. Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE: GD).
The award modifies a five-year, $89.3 million contract initially awarded in March 2001. Under the terms of the contract modification, Electric Boat will continue to operate the Nuclear Regional Maintenance Department (NRMD) at the submarine base. The company will provide project management, planning, training and radiological-control services to support maintenance, modernization and repairs in support of operational submarines. A core group of 27 Electric Boat employees are assigned to the NRMD, with surge groups of up to 60 shipyard employees for short periods. Some additional work will be performed at the Groton shipyard. If all options are exercised, Electric Boat would operate the NRMD through September 2005.
General Dynamics, headquartered in Falls Church, Virginia, employs approximately 66,900 people worldwide and estimates 2003 revenues of $16.1 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 - Wednesday, October 22, 2003
Press Contact: (860) 433-8556
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