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Phebe Novakovic: General Dynamics Seeks to Address Navy Demand With $2B Shipyard Investment

Phebe Novakovic

General Dynamics (NYSE: GD) plans to invest as much as $2 billion into its shipyards to meet the U.S. Navy‘s shipbuilding requirements, Defense News reported Friday.

The Groton, Connecticut-based shipyard of General Dynamics’ Electric Boat subsidiary will receive $1.7 billion to support the production of the Navy’s Virginia-class attack submarines and Columbia-class ballistic missile submarines.

“In response to the significant increased demand from our Navy customer across all three of our shipyards, we’re investing in each of our yards,” said General Dynamics CEO Phebe Novakovic.

Novakovic, a 2018 Wash100 recipient, added that the company will also distribute a planned $200 million investment between its Maine and San Diego shipyards.

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