General Dynamics Is Awarded $37 Million Contract Modification for Submarine Work
GROTON, Conn. – The U.S. Navy has awarded General Dynamics Electric Boat a $36.6 million contract modification for nuclear-submarine work. Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE: GD).
Under the terms of this award, Electric Boat will provide the services required to implement design and configuration changes on submarines and at support facilities, as well as the material needed for ship and shore support-facility problem resolution and consolidation programs. Electric Boat will also provide research and development support for submarine research vehicles. Initially awarded March 3, 2004, the contract could be worth more than $1.1 billion over five years if all options are exercised and funded.
Work will be performed in Groton (84 percent); Kings Bay, Ga. (6 percent); Newport (4 percent) and Quonset Point, R.I. (3 percent); and Bangor, Wash. (3 percent). Work performed under this modification is expected to be completed by March 2008.
General Dynamics, headquartered in Falls Church, Va., employs approximately 70,200 people worldwide and had 2004 revenue of $19.2 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 - Wednesday, March 16, 2005
Press Contact: (860) 433-8556
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