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General Dynamics Awarded $270 Million for Virginia-Class Submarine Advance Procurement

GROTON, Conn. – The U.S. Navy has awarded General Dynamics Electric Boat a $270 million contract modification to buy long lead time material (LLTM) for the FY 09 Virginia-Class submarine, SSN-784. Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE: GD).

The contract provides funding for steam and electric plant components, the main propulsion unit and ship service turbine generator set as well as miscellaneous hull, mechanical and electrical systems components for the construction of SSN-784 in FY 09. The work is expected to be completed by July 2011.

Work will be performed in Groton, Conn., and Quonset Point, R.I. (5 percent); Newport News, Va. (5 percent); California (40 percent); Pennsylvania (10 percent); Arizona (5 percent); and other sites in the U.S. (35 percent).

The contract being modified was initially awarded in August 2003 and will be worth $8.8 billion.

General Dynamics, headquartered in Falls Church, Va., employs approximately 83,000 people worldwide, and expects 2007 revenues of approximately $27 billion. The company is a market leader in business aviation; land and expeditionary combat systems, armaments and munitions; shipbuilding and marine systems; and information systems and technologies.

December 3, 2007
Contact: Robert A. Hamilton
Tel: (860) 433-8556

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