Friday, March 21, 2008

Electric Boat brings in $325M for submarine work

General Dynamics Electric Boat has landed $325 million from the U.S. Navy for submarine work, according to the company.

The deal is a modification to a previously awarded contract for long lead-time material used in submarines. The material will be used for steam and electric plant components, propulsion units and generators, mechanical and electrical system components, and the submarine's hull.

Work will be performed in Groton, Conn., and Quonset Point, R.I., as well as other locations. Work on the contract is expected to be completed by March 2013.

Earlier this month, Electric Boat won two other contract modifications from the Navy. One was a $71.9 million deal for submarine maintenance and repair. The other was a $50 million deal for submarine design and modernization.

Electric Boat is a business unit of General Dynamics Corp., a defense contractor headquartered in Falls Church, Va. There are five General Dynamics business units operating in New England, including Bath Iron Works based in Bath, Maine and General Dynamics Armament and Technical Products based in Burlington, Vt. General Dynamics employs 72,200 people worldwide and reported a 2007 net income of $2.1 billion on revenue of $27.2 billion.