General Dynamics Corp. (GD)

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$ GD. General Dynamics Receives $24 Million U.S. Navy Award for Ohio Replacement Submarine Development

GROTON, Conn., Feb. 9, 2016 /PRNewswire/ -- The U.S Navy has awarded General Dynamics Electric Boat a $23.6 million contract modification to continue development of the U.S. Navy's Ohio Replacement submarine. Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE: GD).

Under the terms of the modification, Electric Boat will perform air conditioning unit detail design, prototype unit manufacture and technical manual development.

Initially awarded in December 2012, the five-year $1.85 billion contract calls for Electric Boat to perform research and development work for the Navy's next-generation ballistic-missile submarine, which is scheduled to begin construction in 2021. The potential value of the overall contract is $2.5 billion.

More information about Electric Boat is available at www.gdeb.com. More information about General Dynamics is available at www.generaldynamics.com.