- General Dynamics Corporation’s (NYSE:GD) unit General Dynamics Electric Boat gets a $1.076 billion contract modification from the U.S. Navy.
- The order is for providing long-lead-time material and advanced construction for Virginia-class fast-attack submarines.
- Virginia-class submarines are designed with innovative features, including anti-submarine and surface ship warfare and special operations support.
- The unit Electric Boat has been constructing Virginia-class submarines for the U.S. Navy in a teaming agreement with Newport News Shipbuilding, a division of Huntington Ingalls Industries, Inc (NYSE:HII).
- Also Read: Huntington Ingalls Bags $567M Contract Modification From General Dynamics For Columbia-Class Submarines
- Electric Boat is presently under contract to construct submarines in Block V of the class.
- The deal value will enable Electric Boat to purchase materials and major components for hulls 812 and 813.
- “This contract modification sends a crucial demand signal to the submarine industrial base, enabling our suppliers to invest in the capacity and materials needed to increase production volume,” said Kevin Graney, president of General Dynamics Electric Boat.
- Meanwhile, General Dynamics unit General Dynamics NASSCO has been awarded a $736 million modification to the existing T-AO contract.
- The deal is for constructing a ninth ship (T-AO 213) in the John Lewis-class fleet oiler program. Construction of T-AO 213 will begin in the third quarter of 2025.
- Price Action: GD shares closed lower by 2.62% to $206.95 on Tuesday.
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