US Navy Awards $22 Billion Contract to General Dynamics Electric Boat

Date : 12/02/2019 @ 11:26PM
Source : Dow Jones News
Stock : General Dynamics Corporation (GD)
Quote : 179.27  0.0 (0.00%) @ 8:59AM
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US Navy Awards $22 Billion Contract to General Dynamics Electric Boat

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   By Stephen Nakrosis 
 

A General Dynamics Corp. (GD) subsidiary will build nine new submarines for the U.S. Navy.

The Pentagon said Monday it awarded a $22,209,893,409 multiyear modification of a previously awarded contract to General Dynamics Electric Boat Corp.

The contract calls for the construction of nine Virginia-class submarines, and contains an option for the construction of one additional submarine. If the option is exercised, the value of the contract will increase to $24,097,439,556, the Pentagon said.

Work will be performed in Newport News, Va., Quonset Point, R.I., Groton, Conn., and Sunnyvale, Calif., among other locations, the Pentagon said.

Huntington Ingalls Industries's (HII) Newport News Shipbuilding division is a major subcontractor, the Pentagon said.

The Virginia-class is an attack submarine which is slated to replace the Los Angeles class as those submarines are retired.

 

--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

 

(END) Dow Jones Newswires

December 02, 2019 18:11 ET (23:11 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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