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  • Saturday, April 27, 2024

General Dynamics Books $60 Million Sub Deal

General Dynamics (NYSE: GD) secured a $60 million Navy contract modification to continue design efforts to make Virginia-class submarines more affordable.

The overall deal, called “Block III”, will see procurement of eight submarines through FY 13, and has a potential value of $14 billion. The last is scheduled for a 2019.

According to the firm, it “will continue to develop and implement cost-reduction design changes, an effort called “Design For Affordability.” This work will enable the Virginia-class program to reduce acquisition costs by 20 percent in time for the FY 12 submarines.”

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