General Dynamics Awarded $5 Million Contract for Submarine Work
GROTON, Conn. – The U.S. Navy has awarded General Dynamics Electric Boat a $5.1 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 services for operational research platforms and special operation submarines, including updated drawings and related configuration data. Electric Boat will also provide material required to support operational ship and shore support facilities. 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.
Seventy-nine percent of the work will be performed in Groton; 15 percent in Quonset Point, R.I.; 4 percent in Newport, R.I.; and 2 percent in Kings Bay, Ga. Work performed under this modification is expected to be completed by May 2008.
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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