GDEB Awarded $217M Contract for Virginia-Class Submarines

General Dynamics Electric Boat, a business unit of General Dynamics (NYSE: GD), announced today it was awarded a $217 million contract for long lead time material associated with the construction of Virginia-class submarines SSN 814 and SSN 815.

"This contract will enable Electric Boat to begin the acquisition of critical material and components for submarines that require substantial lead time to manufacture and deliver," said Kevin Graney, president of General Dynamics Electric Boat. "Advanced procurement is essential to achieve the high-rate production the Navy requires of the submarine industrial base. A consistent demand signal is necessary for our suppliers to invest in and grow their operations."

General Dynamics Electric Boat is the prime contractor and lead design yard for the Virginia class and constructs the ships in a teaming arrangement with HII's Newport News Shipbuilding in Virginia.