GD Receives $22 M US Navy Award for Common Missile Compartment Development
The U.S Navy has awarded General Dynamics Electric Boat a $22.5 million contract modification for the continued development of the Common Missile Compartment for the U.S. Ohio replacement submarine and the United Kingdom's Successor ballistic-missile submarine. Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE: GD).
Electric Boat will procure and test equipment to be used in the production 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 $2.9 billion .
Global Missiles and Missile Defense Systems Market 2014-2018
This work will engage Electric Boat's engineering and design organization, which comprises more than 4,000 employees. Possessing proven technical capabilities, these employees work on all facets of the submarine lifecycle from concept formulation and design through construction, maintenance and modernization, and eventually to inactivation and disposal.
Source : General Dynamics Corporation (NYSE: GD)