U.S. Navy Awards General Dynamics Submarine-Maintenance Contracts
GROTON, Conn. – The U.S. Navy has awarded General Dynamics Electric Boat a Multi-Award Contract (MAC) to perform future submarine-maintenance work. Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE: GD).
The MAC approach enhances the Navy’s flexibility and responsiveness to changes in its submarine maintenance requirements by enabling the negotiation of general terms and conditions in advance, reducing the amount of time that would be spent on individual negotiations. Additionally, this approach enables Electric Boat to submit its proposals on a shortened lead-time basis, promoting increased timeliness and cost efficiency. Electric Boat is one of two prime contractors to receive the award.
The contract runs from FY04 to FY08 and applies to future submarine availabilities, including Docking Selected Restricted Availabilities, Interim Dry Dockings, and Depot Maintenance Periods. There is not a specific monetary value assigned to the contract, or a specific level of maintenance work.
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 - Friday, November 21, 2003
Press Contact: (860) 433-8556
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