General Dynamics Awarded $13 Million Contract Modification for Submarine Work
GROTON, Conn. – The U.S. Navy yesterday awarded General Dynamics Electric Boat a $13.4 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. Electric Boat will also provide planning, scheduling and technical support for submarine maintenance activities. Initially awarded in March 2004, the contract could be worth more than $1.1 billion over five years if all options are exercised and funded.
Ninety-one percent of the work will be performed at Groton; 5 percent at Newport, R.I.; and 4 percent at Quonset Point, R.I. Work performed under this modification is expected to be completed by June 2008.
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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June 27, 2006
Contact: Robert A. Hamilton
Tel: (860) 433-8556
Email: rhamilton@ebmail.gdeb.com
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