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.
Source: General Dynamics Corporation (NYSE: GD)
Date: Feb 27, 2012