General Dynamics Awarded $497M to Help Expand Navy Submarine Industrial Base

General Dynamics’ (NYSE: GD) Electric Boat subsidiary has received a potential $497M contract modification to support industrial base development and expansion initiatives for the U.S. Navy’s fleet of Columbia, Ford and Virginia class submarines.

The service branch aims to procure materials and production backup units for the vessels in support of its force structure assessment, the Department of Defense said Monday.

The Navy is obligating $177.15M in national sea-based deterrence funds at the time of award, as authorized under the fiscal 2019 National Defense Authorization Act and appropriated by the DoD Appropriations Act, 2019.

Electric Boat will perform work through December 2031 in Connecticut, Rhode Island, Virginia and other undisclosed locations.

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