General Dynamics Electric Boat awarded $251 million in Navy contracts to support fleet maintenance and Virginia-class sub development and design work
General Dynamics Electric Boat secured two U.S. Navy contracts worth $251 million.
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Rhea-AI Summary
General Dynamics Electric Boat secured two U.S. Navy contracts worth $251 million. The first contract, valued at $215.7 million, modifies an existing agreement aimed at providing engineering and technical services for submarines, potentially exceeding $1 billion if all options are utilized. The second contract, totaling $35.3 million, focuses on Reactor Plant Planning Yard services. President Kevin Graney highlighted their commitment to supporting the Navy, enhancing submarine capabilities, and investing in the workforce.
Positive
- Secured two major contracts totaling $251 million.
- First contract could exceed $1 billion if all options are exercised.
- Continued support for U.S. Navy enhances future revenue prospects.
Negative
- None.
Details
News Market Reaction – GD
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GROTON, Conn., Oct. 1, 2020 /PRNewswire/ -- General Dynamics Electric Boat, a business unit of General Dynamics (NYSE:GD), was awarded two U.S. Navy contracts this week with a total value of
The first contract is a
"The shipbuilders of Electric Boat are proud to be a partner to the U.S. Navy, and continue to execute our mission to provide our sailors with the advantage that helps protect our Navy and our nation," said Kevin Graney, president of General Dynamics Electric Boat. "We continue to work to hire, train and develop future generations of shipbuilders as we continue to deliver the Virginia class of fast attack submarines and move toward full-scale construction of the Columbia class of ballistic missile submarines."
General Dynamics, headquartered in Reston, Virginia, is a global aerospace and defense company that offers a broad portfolio of products and services in business aviation; combat vehicles, weapons systems and munitions; IT services; C4ISR solutions; and shipbuilding and ship repair. General Dynamics employs more than 100,000 people worldwide and generated
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SOURCE Electric Boat
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