Hello, Guest!
  • Thursday, November 21, 2024
Virginia-class submarine/PRNewswire

General Dynamics Unit Secures $1B in Advance Navy Submarine Procurement Funds

General Dynamics‘ (NYSE: GD) Electric Boat subsidiary has booked a $1.1 billion contract modification from the U.S. Navy to build two Block V Virginia-class submarines.

The builder will use the funds to procure long-lead-time material and major components needed for the SSN 812 and SSN 813 construction projects, General Dynamics said Tuesday.

Work will occur in California, New Jersey, Pennsylvania, Illinois, Arizona, Connecticut, Maryland, Minnesota, South Carolina, Massachusetts and other locations through September 2033.

Electric Boat was awarded a $24.1B contract modification in December 2019 to manufacture nine Block V Virginia-class submarines for the service.

In March 2021, the business received a potential $2.42 billion contract modification to work on an additional submarine equipped with Virginia Payload Module.

The General Dynamics unit works with HII‘s (NYSE: HII) Newport News Shipbuilding division on the construction of the submarines.

Video of the Day

Related Articles

General Dynamics Reports Solid Operating Results, Growing Revenue and Backlog in Q1 2024; Phebe Novakovic Quoted Financial Reports

General Dynamics Reports Solid Operating Results, Growing Revenue and Backlog in Q1 2024; Phebe Novakovic Quoted

General Dynamics (NYSE: GD) has presented its first quarter 2024 results and reported that revenue and net earnings grew 8.6 percent and 9.5 percent year-over-year to $10.7 billion and $799 million. The company said Wednesday its operating earnings reached $1 billion, or 10.4 percent higher from a year ago, while company-wide backlog went up 4.4

GovCon Index Averted a Weekly Loss Amid Wall Street’s Worst Week Financial Reports

GovCon Index Averted a Weekly Loss Amid Wall Street’s Worst Week

Executive Mosaic’s GovCon Index advanced 1.08% before the weekend and averted a third consecutive losing week. The index, which tracks the stock performances of 30 major government contractors, ended at $4,786.97 for a 0.13% week-on-week gain. Wall Street concluded the week with a tech sell-off, and only the Dow Jones Industrial Average (+0.01%) yielded a gain.

General Dynamics Land Systems Secures $297M Army M10 Booker System Technical Support Contract Contract Awards

General Dynamics Land Systems Secures $297M Army M10 Booker System Technical Support Contract

A General Dynamics (NYSE: GD) subsidiary has received a potential five-year, $296.8 million contract from the U.S. Army to provide system technical support for the military branch’s M10 Booker combat vehicle. Army Contracting Command will obligate funds and determine work locations upon award of each task order and expects contract work to run through April