General Dynamics Electric Boat Awarded $217 Million Contract for Virginia-Class Submarines

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General Dynamics Electric Boat awarded $217 million contract for Virginia-class submarines

Positive

• General Dynamics Electric Boat has been awarded a $217 million contract for long lead time material associated with the construction of Virginia-class submarines SSN 814 and SSN 815.
• This contract will enable Electric Boat to begin the acquisition of critical material and components for submarines that require substantial lead time to manufacture and deliver.
• Advanced procurement is essential to achieve the high-rate production the Navy requires of the submarine industrial base.
• General Dynamics Electric Boat is the prime contractor and lead design yard for the Virginia class and constructs the ships in a teaming arrangement with HII's Newport News Shipbuilding in Virginia.
• General Dynamics is a global aerospace and defense company that offers a broad portfolio of products and services.
• General Dynamics generated $39.4 billion in revenue in 2022.

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GROTON, Conn., Oct. 16, 2023 /PRNewswire/ -- General Dynamics Electric Boat, a business unit of General Dynamics (NYSE: GD), announced today it was awarded a $217 million contract for long lead time material associated with the construction of Virginia-class submarines SSN 814 and SSN 815.

"This contract will enable Electric Boat to begin the acquisition of critical material and components for submarines that require substantial lead time to manufacture and deliver," said Kevin Graney, president of General Dynamics Electric Boat. "Advanced procurement is essential to achieve the high-rate production the Navy requires of the submarine industrial base. A consistent demand signal is necessary for our suppliers to invest in and grow their operations."

General Dynamics Electric Boat is the prime contractor and lead design yard for the Virginia class and constructs the ships in a teaming arrangement with HII's Newport News Shipbuilding in Virginia.

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 21,500 people. 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.

 

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SOURCE General Dynamics

FAQ

What is the value of the contract awarded to General Dynamics Electric Boat?

The contract awarded to General Dynamics Electric Boat is worth $217 million.

What is the purpose of the contract?

The contract is for the acquisition of critical material and components for the construction of Virginia-class submarines SSN 814 and SSN 815.

Who is the prime contractor and lead design yard for the Virginia class?

General Dynamics Electric Boat is the prime contractor and lead design yard for the Virginia class.

Who does General Dynamics Electric Boat collaborate with for the construction of the Virginia-class submarines?

General Dynamics Electric Boat constructs the ships in a teaming arrangement with HII's Newport News Shipbuilding in Virginia.

What is the revenue generated by General Dynamics in 2022?

General Dynamics generated $39.4 billion in revenue in 2022.