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General Dynamics Wins $209M for Navy Submarines

general dynamics logoA General Dynamics (NYSE: GD) subsidiary has won a $208.6 million contract modification to acquire lead-time materials for three U.S. Navy submarines.

General Dynamics Electric Boat will purchase components such as steam and electrical-plant parts, main propulsion unit and turbine generators, and miscellaneous hull, mechanical and electrical systems, General Dynamics said Monday.

The contract modification aims to help the Navy improve the capabilities of its submarines while reducing construction costs and cycle times.

Virginia-class submarines are designed to support the Navy’s ocean and littoral operations, General Dynamics said.

Electric Boat has started constructing two submarines per year in 2011.

The modification, which totals $595 million, will fund three more submarines, one for fiscal 2014 and two for 2015.

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