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  • Thursday, April 25, 2024
Artist rendering of a Columbia class submarine underway. (Credit: GDEB.)

Leonardo DRS Books $1B in Navy Submarine Component Supply Contracts; William Lynn Quoted

Leonardo DRS (Nasdaq: DRS) has reported more than $1 billion in contract awards to manufacture electric propulsion hardware for the U.S. Navy’s Columbia-class ballistic missile submarines.

The defense technology supplier said Monday production efforts will occur at various facilities in Massachusetts, Wisconsin, Connecticut and Missouri.

William Lynn, CEO of Leonardo DRS, said the company supports the submarine program through a partnership with General Dynamics‘ (NYSE: GD) Electric Boat subsidiary.

Electric Boat booked a $5.13 billion contract modification in December to obtain long-lead-time materials and perform advance construction work for the new fleet.

Columbia-class underwater vessels will replace watercraft in the branch’s Ohio class.

The Navy aims to procure 12 new nuclear-powered ballistic missile submarines, designated SSBN, to replace aging underwater vessels in the Ohio class, according to a Congressional Research Service report.

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