GD Receives $24 M US Navy Award for Ohio Replacement Submarine Development

The U.S Navy has awarded General Dynamics Electric Boat a $23.6 million contract modification to continue development of the U.S. Navy’s Ohio Replacement submarine. Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE: GD).

Under the terms of the modification, Electric Boat will perform air conditioning unit detail design, prototype unit manufacture and technical manual development.

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.

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Source: General Dynamics Corporation (NYSE: GD)
Date: Feb 9, 2016