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  • Saturday, November 16, 2024

General Dynamics, Navy Reach Multibillion-Dollar Deal for Nine Virginia-Class Submarines


Jeff Brody

General Dynamics (NYSE: GD) and the U.S. Navy have finalized a multibillion-dollar agreement for the company to build nine Virginia-class attack submarines, Bloomberg reported Monday.

The deal includes options to procure two additional vessels by 2023 and a source familiar with service documents said the multiyear agreement is expected to be valued at approximately $20B.

Capt. Danny Hernandez, a spokesman for the Navy, said in a statement that the service plans to announce by the end of December a contract, which he said aims to offer stability to the industrial base, include lethality improvements and generate savings.

œThe contract being contemplated allows us to maintain a stable Virginia-class build rate, said Elizabeth Power, a spokeswoman for General Dynamics™ Electric Boat subsidiary.

The company™s Electric Boat unit works with Huntington Ingalls Industries (NYSE: HII) to produce the Virginia-class submarine.

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