The U.S. Navy has awarded General Dynamics Electric Boat a $46.2 million contract modification to perform non-nuclear maintenance work on submarines homeported at the Naval Submarine Base in Groton. Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE: GD).
With this award, Electric Boat will continue operating the New England Maintenance Manpower Initiative (NEMMI) at the submarine base. Under the terms of the contract, Electric Boat will provide services required to support submarine overhauls, maintenance, repair and modernization upgrades; ship alterations, temporary modifications and field changes; supplies and/or ancillary services and corrective and preventative maintenance. About 265 Electric Boat employees are engaged in the work.
This contract has a potential value of $239.9 million over five years.
Source: General Dynamics Corporation (NYSE: GD)
Date: Dec 6, 2018