General Dynamics Receives $96 Million U.S. Navy Award for Continued Columbia-Class Submarine Development

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Apr 26, 2017, 15:40 ET

GROTON, Conn., April 26, 2017 /PRNewswire/ -- The U.S Navy has awarded General Dynamics Electric Boat a $95.5 million contract modification to continue development of the Common Missile Compartment for the U.S. Navy's Columbia-class submarine and the Royal Navy's Dreadnought-class ballistic-missile submarine. Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE: GD).

The contract modification will enable procurement of 17 missile tubes which will support the manufacture of the Common Missile Compartment.

Initially awarded in December 2012, the five-year, $1.85 billion contract calls for Electric Boat to perform research and development work for the Navy's next-generation ballistic-missile submarine, which is scheduled to begin construction in 2021. The potential value of the overall contract is $2.5 billion.

More information about Electric Boat is available at www.gdeb.com. More information about General Dynamics is available at www.generaldynamics.com.

SOURCE General Dynamics Electric Boat