General Dynamics Electric Boat, a key provider in the U.S. Navy’s submarine production sector and a unit of General Dynamics (NYSE: GD), announced that it has received a contract modification valued at $987 million. This modification aims to bolster submarine production efforts and includes significant enhancements in Component Development, Class Lead Yard Support (CLYS), and Submarine Industrial Base (SIB) supplier development.
Mark Rayha, president of General Dynamics Electric Boat, expressed gratitude for the ongoing support received from the Navy, Congress, and the current administration. “This contract modification funds important shipyard and supply chain work essential to achieving the necessary growth in output and supports our efforts to accelerate submarine delivery,” he stated.
The majority of the work, approximately 70%, will be carried out in Groton, Connecticut, with additional contributions of 15% expected from Newport News, Virginia, and Quonset Point, Rhode Island. The completion of this initiative is anticipated by 2031.
General Dynamics Electric Boat is known for designing, building, repairing, and modernizing nuclear submarines for the U.S. Navy. The company, which is headquartered in Groton, Connecticut, employs over 24,000 people and plays a crucial role in ensuring the country meets its strategic defense needs.
General Dynamics, headquartered in Reston, Virginia, operates on a global scale, providing a broad portfolio of products and services in business aviation, ship construction and repair, land combat vehicles, weapons systems, and munitions. The company boasts a workforce of more than 110,000 employees worldwide and achieved a revenue of $47.7 billion in 2024.
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