General Dynamics Electric Boat has been awarded an $18.9 million contract modification for the continued development of the Virginia Payload Module (VPM). Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE: GD).
The funds will be used to procure two VPM pre-production setups to support the manufacturing start of the VPM payload tubes. The VPM will comprise four large-diameter payload tubes in a new hull section to be inserted in Virginia-class submarines.
This modification brings the cumulative value of the overall Virginia-class Lead Yard Services contract, initially awarded in 2010, to $1.46 billion.
Source: General Dynamics Corporation (NYSE: GD)
Date: Jul 19, 2016