GROTON, Conn., July 1, 2013 /PRNewswire/ -- The U.S. Navy has awarded General Dynamics Electric Boat a $208.6 million contract modification to buy long lead-time material for three Virginia-class submarines. Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE: GD).
Recognized as a model defense-acquisition program for its technical excellence and schedule performance, the Virginia-class submarine program provides the Navy with the capabilities required to dominate both the open ocean and the littorals. In partnership with the Navy, Electric Boat is driving innovative cost-saving efforts, without impacting capabilities, through overall efficiency improvements, decreased ship-construction labors costs and shortened ship-construction cycle times.
As a result of this successful program performance and demand for the versatile capabilities of the Virginia-class submarine, the Navy authorized Electric Boat to start construction of two submarines per year beginning in 2011. This contract provides funding for the second fiscal year (FY) 14 Virginia-class submarine, SSN-793, and two FY 15 submarines, SSN-794 and SSN-795. Items funded include steam and electrical-plant components, main propulsion unit and ship-service turbine generator sets, and miscellaneous hull, mechanical and electrical-systems components to support construction of the submarines.
With this modification, the overall contract is worth $595 million. It was initially awarded in April 2012.More information about General Dynamics is available at www.generaldynamics.com. www.gdeb.com
SOURCE General Dynamics Electric Boat
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV