General Dynamics Secures $481M Contract Modification for Columbia-Class Submarine Construction

General Dynamics’ (NYSE: GD) Electric Boat business has received a $480.6M contract modification from the U.S. Navy to support the construction for the lead Columbia-class ballistic missile submarine in fiscal years 2019 and 2020.

Electric Boat will also procure long-lead time materials needed for the production of the fleet under the Integrated Product and Process Development contract, the Defense Department said Thursday.

Work under the modification will occur in Rhode Island, Virginia and Connecticut.

The procurement vehicle will be absorbed into the IPPD contract in October 2022, as well as combined with an original funding modification with the U.K. worth $10M.

The company secured the first IPPD contract with a potential value of $5B in 2017.

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