Economy

General Dynamics wins $5B contract for US Navy ballistic missile sub

General Dynamics wins $5B contract for US Navy ballistic missile sub”

General Dynamics (NYSE:GD) says its Electric Boat subsidiary was awarded a $5.1B contract to complete the design of the lead Columbia-class submarine, the U.S. Navy's next-generation ballistic missile submarine.

"This delivery demonstrates the skill and commitment of everyone involved in the Virginia-class submarine program", said Electric Boat President Jeffrey S. Geiger, recognizing the contributions of the Navy, the shipbuilders and the supplier base.

The new ballistic missile submarines were known as the "Ohio-class replacement" until last December when then Secretary of the Navy Ray Mabus formally announced the first ship of the new class will be named USS Columbia (SSBN 826) in honor of the District of Columbia.

U.S. Rep. Joe Courtney, whose CT district includes Electric Boat, said the contract kicked off "the next critical phase of the Columbia-class program".

"This work is fueling economic growth and hiring across the region, and today's contract keeps that momentum going".

The Integrated Product and Process Development contract includes funds for the development of submarine components and technologies as well as manufacturing of a missile tube module and a reactor compartment bulkhead, the Defense Department said Thursday. The project is expected to be completed by 2031.

This contract includes foreign military sales to the United Kingdom (14 percent). Richard Blumenthal and Chris Murphy said in a statement.

The announcement of this next step in the future of nuclear strategic deterrence at sea comes as North Korea reportedly threatened to test a hydrogen bomb in the Pacific Ocean.

Currently, Electric Boat has three primary locations - Groton, New London and Quonset Point, R.I. Its current workforce is about 15,800 employees.



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