U.S. Navy Awards General Dynamics $6.2 Million Contract Option for Submarine Parts
GROTON, Conn. – The U.S. Navy has awarded General Dynamics Electric Boat a $6.2 million contract option to provide on-board repair parts for the Virginia-class submarine, Hawaii (SSN-776). Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE: GD).
Work will be performed at Electric Boat in Groton, Conn. (55 percent), and Northrop Grumman Newport News in Newport News, Va. (45 percent). Northrop Grumman is Electric Boat’s teammate in the Virginia-class submarine program.
The option was exercised under the $4.2 billion contract awarded to Electric Boat in September 1998 for the construction of the first four Virginia-class submarines.
General Dynamics, headquartered in Falls Church, Virginia, employs approximately 67,600 people worldwide and had 2003 revenue of $16.6 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 - Friday, January 30, 2004
Press Contact: (860) 433-8556
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