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General Dynamics Electric Boat Awarded $520M for Virginia-Class Submarine Materials

general dynamics logoGeneral Dynamics‘ (NYSE: GD) Electric Boat subsidiary has been awarded a $520 million contract action to acquire long lead time materials for work on four Virginia-class submarines for the U.S. Navy.

The Navy is obligating $283, 711, 000 in funds at the time of award and no funds will expire at the end of the current fiscal year, the Defense Department said Monday.

Electric Boat will perform work on the submarines’ steam and electric plant components, main propulsion units, ship service turbine generators, steel and miscellaneous hulls, as well as mechanical and electrical system components.

Work under the contract action is scheduled to complete in January 2015.

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