General Dynamics Awarded $47.7 Million Contract Modification for Submarine Work
GROTON, Conn. – The U.S. Navy has awarded General Dynamics Electric Boat a $47.7 million contract modification for nuclear-submarine work. Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE: GD).
Under the terms of the contract modification, Electric Boat will provide design agent, planning yard, engineering and technical support for nuclear submarines. Electric Boat will also provide research and development support for submarine research vehicles. Initially awarded March 3, the contract could be worth more than $1.1 billion over five years if all options are exercised and funded.
Sixty-two percent of the work will be performed at Groton; 18 percent at Bangor, Wash.; 14 percent at Kings Bay>, Ga.; 5 percent at Newport, R.I., and 1 percent at Quonset Point, R.I. Work performed under this modification is expected to be completed by November 2006.
General Dynamics, headquartered in Falls Church, Virginia, employs approximately 71,600 people worldwide and anticipates 2004 revenue in excess of $19 billion. The company is a market leader in mission-critical information systems and technologies; land and expeditionary combat systems, armaments and munitions; 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, November 15, 2004
Press Contact: (860) 433-8556
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