U.S. Navy Awards General Dynamics $15 Million Contract for Submarine Conversion Work
GROTON, Conn. – The U.S. Navy has awarded General Dynamics Electric Boat a $14.7 million contract modification to manufacture and procure long-lead-time material required for the conversion of the USS Georgia (SSBN-729) Trident ballistic-missile submarines to a Trident SSGN, a multi-mission submarine optimized for tactical strike and special-operations support. Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE: GD).
This award modifies a five-year, $443 million contract announced in September 2002 for design and related support work to convert the first four Trident ballistic-missile submarines to an SSGN configuration. If all options are exercised and funded, the contract will be worth a total of $1.4 billion.
The long-lead-time manufacturing effort includes material acquisition, manufacturing, inspection, test and storage; work will be performed at Quonset Point, R.I. (89 percent); Groton, Conn. (10 percent); and Norfolk, Va. (1 percent). The conversion is scheduled to take place at Norfolk Naval Shipyard in Virginia beginning in October 2005.
General Dynamics, headquartered in Falls Church, Virginia, employs approximately 70,100 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 - Friday, May 20, 2005
Press Contact: (860) 433-8556
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