General Dynamics Awarded $77 Million Contract Modification for Submarine Support
GROTON, Conn. – The U.S. Navy today awarded General Dynamics Electric Boat a $77 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. Initially awarded in March 2004, the contract being modified could be worth more than $1.1 billion over five years if all options are exercised and funded.
Sixty-seven percent of the work will be performed at Groton; 14 percent at Bangor, Wash., 13 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 September 2007.
General Dynamics, headquartered in Falls Church, Virginia, employs approximately 71,900 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.
# # #
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, November 18, 2005
Press Contact: (860) 433-8556
|Join the GlobalSecurity.org mailing list|