GD - General Dynamics Electric Boat Awarded $1.076 Billion Contract Modification for Virginia-Class Submarines
PR Newswire
GROTON, Conn. , May 23, 2023 /PRNewswire/ -- General Dynamics Electric Boat, a business unit of General Dynamics (NYSE: GD), announced today it has been awarded a $1.076 billion contract modification from the U.S. Navy to provide long-lead-time material and advanced construction for Virginia-class fast-attack submarines.
Electric Boat is presently under contract for construction of submarines in Block V of the class. The $1,075,896,000 in advance procurement funds from this contract modification will enable Electric Boat to purchase materials and major components for hulls 812 and 813.
"This contract modification sends a crucial demand signal to the submarine industrial base, enabling our suppliers to invest in the capacity and materials needed to increase production volume," said Kevin Graney , president of General Dynamics Electric Boat.
Virginia-class submarines are designed from the keel up for the full range of 21st-century mission requirements, including anti-submarine and surface ship warfare and special operations support.
Electric Boat constructs Virginia-class submarines for the U.S. Navy in a teaming agreement with Newport News Shipbuilding, a division of HII. Submarines of the Virginia class embody the commitment by the Navy and industry to reduce costs without decreasing capabilities through a multi-year procurement strategy, continuous improvements in construction practices and cost-reduction design changes.
General Dynamics Electric Boat designs, builds, repairs and modernizes nuclear submarines for the U.S. Navy. Headquartered in Groton, Connecticut , the company employs more than 20,500 people. More information about General Dynamics Electric Boat is available at www.gdeb.com .
General Dynamics is a global aerospace and defense company that offers a broad portfolio of products and services in business aviation; ship construction and repair; land combat vehicles, weapons systems and munitions; and technology products and services. General Dynamics employs more than 100,000 people worldwide and generated $39.4 billion in revenue in 2022. More information about General Dynamics is available at www.gd.com .
SOURCE Electric Boat
Company Name: | General Dynamics Corporation |
Stock Symbol: | GD |
Market: | NYSE |
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