General Dynamics Awarded $21 Million For Submarine-Technology Development
GROTON, Conn. – General Dynamics Electric Boat has been awarded three contracts worth a total of $20.5 million to develop submarine technology for a joint Defense Advanced Research Projects Agency (DARPA)/U.S. Navy program. Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE: GD).
Under the terms of the first, $9.5 million contract, Electric Boat will develop and demonstrate an external weapon-launch system that can stow, communicate with and deliver an MK 48 Advanced Capability torpedo from outside the pressure hull. The second award, for $6.3 million, calls for Electric Boat to develop and demonstrate a propulsive system that does not require a shaft to penetrate the pressure hull. The third award – worth $4.7 million – requires Electric Boat to develop technology to radically reduce ship infrastructure.
The awards are part of a four-year, $97 million DARPA/Navy program known as Tango Bravo. This program is examining certain technologies to determine whether they can meet stringent submarine performance requirements while reducing ship-acquisition and life-cycle costs and improving the warfighting capabilities and mission adaptability of future submarines. The designation Tango Bravo refers to the term “technology barrier.”
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 - Thursday, May 26, 2005
Press Contact: (860) 433-8556
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