General Dynamics (NYSE: GD) Electric Boat secured $1.2 billion in funding from the Navy to cover the construction of the 14th Virginia-class submarine, SSN-787.
According to the firm, “the release of the funding allows procurement of long lead-time components that will support the planned official construction start later this year on the as-yet-unnamed submarine at Electric Boat and its teammate, Huntington Ingalls Industries.”
“Today represents the culmination of an extraordinary effort by the Virginia-class team, ” said John D. Holmander, Electric Boat’s vice president for the Virginia Program. “From the engineers and designers who reduced the cost of the Virginia Class, to the shipbuilders who have delivered the submarines ahead of schedule and under budget, to the vendors who worked with us on cost-containment strategies, and of course the Navy, which has managed the program now recognized as a model for Pentagon procurement, this has truly been a collective effort.”
