General Dynamics Awarded $31.6 Million Contract for Submarine Work
GROTON, Conn. – The U.S. Navy has awarded General Dynamics Electric Boat a $31.6 million contract for nuclear-submarine work. Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE: GD).
Under the terms of the contract, Electric Boat will provide design, engineering, material and logistics support for strategic and attack submarines, and research and development for submarine research vehicles. Electric Boat will also provide planning, scheduling and technical support for submarine maintenance activities. The contract could be worth more than $1.1 billion over five years if all options are exercised and funded.
Under the initial award, 78 percent of the work will be performed at Groton; 3 percent at Bangor, Wash.; 4 percent at Kings Bay, Ga.; 7 percent at Newport, R.I., and 8 percent at Quonset Point, R.I. Work performed under this contract is expected to be completed by September 2008.
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 - Wednesday, March 3, 2004
Press Contact: (860) 433-8556
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