General Dynamics Awarded $11 Million for U.S. Navy Submarine Modernization Work
GROTON, Conn. – The U.S. Navy has awarded General Dynamics Electric Boat a $10,991,000 modification to an existing contract for submarine modernization and related work at the Naval Submarine Base in Groton. Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE: GD).
Initially awarded in October 2001, the contract could be worth $142 million over five years if all options are exercised and funded.
Under the terms of the modification, Electric Boat will continue to perform non-nuclear submarine modernization and repair services at the Naval Submarine Support Facility at the base. These services include intermediate overhaul, repair and modernization activities in support of submarines and the Shippingport floating dry dock, as well as support and service craft. About 240 Electric Boat employees are engaged in the work.
General Dynamics, headquartered in Falls Church, Va., employs approximately 72,700 people worldwide and had 2005 revenue of $21.2 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. More information about the company can be found at www.generaldynamics.com.
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May 1, 2006
Contact: Robert A. Hamilton
Tel: (860) 433-8556
Email: Rhamilt1@ebmail.gdeb.com
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