General Dynamics Awarded $8 Million by U.S. Navy for Virginia-class Submarine Work

Feb 24, 2012, 10:00 ET from General Dynamics Electric Boat

GROTON, Conn., Feb. 24, 2012 /PRNewswire/ -- General Dynamics Electric Boat has been awarded an $8.3 million contract modification by the U.S. Navy to procure components for Virginia-class nuclear-powered attack submarines. Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE: GD).

Under the contract modification, Electric Boat will procure material for the construction of Advanced Integrated Low Pressure Electrolyzers used on Virginia-class submarines.

The lead-yard services contract being modified has a potential cumulative value of $881 million through 2014 if all options are exercised and funded.

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SOURCE General Dynamics Electric Boat