U.S. Navy Awards General Dynamics $111 Million Contract for Submarine Modernization Work
GROTON, Conn. – The U.S. Navy has awarded General Dynamics Electric Boat a $111 million contract modification to perform a Depot Modernization Period (DMP) on the USS Springfield (SSN-761). Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE: GD).
Under the modification, Electric Boat will perform repairs, alterations, maintenance, testing and routine work onboard the submarine. The work will be performed in Groton (95 percent) and Quonset Point, R.I. (5 percent), and is scheduled for completion in June 2005. Including planning and material procurement work that began last year, the DMP will be worth a total of $137.3 million.
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 - Monday, March 29, 2004
Press Contact: (860) 433-8202
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