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General Dynamics-Huntington Ingalls Team Awarded $18B to Build Subs; Jeffrey Geiger, Matt Mulherin Comment

general dynamics logoGeneral Dynamics (NYSE: GD) Electric Boat subsidiary and Huntington Ingalls’ (NYSE: HII) Newport News Shipbuilding will continue to jointly construct submarines for the U.S. Navy under a $17.6 billion contract.

The team will work to develop 10 additional Virginia-class Block IV submarines over five years beginning on May 1 and deliver the tenth submarine in 2023, General Dynamics said Monday.

Matt Mulherin, Newport News Shipbuilding president, said the Navy’s order is the largest number of submarines ever to be purchased by the Navy in a single contract.

Jeffrey Geiger, president of Electric Boat, said General Dynamics and Newport News Shipbuilding will produce two ships per year in order to help the Navy fleet perform undersea operational goals. Huntington Ingalls w:border

The team intends to design the Virginia-class submarines with intelligence, surveillance and reconnaissance systems based on the customer’s anti-submarine and surface ship warfare requirements.

Electric Boat and Newport News Shipbuilding previously completed building 10 Virginia-class submarines for the Navy and are currently developing an additional eight ships.

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