General Dynamics Corp. (GD)

[ProfitScout]

General Dynamics Electric Boat awarded a $987 million contract modification for long lead time material and construction costs for submarine production

GROTON, Conn., June 18, 2025 /PRNewswire/ -- General Dynamics Electric Boat, a business unit of General Dynamics (NYSE: GD), announced today it has been awarded a $987 million contract modification to a previously awarded contract supporting submarine production. This modification is for additional Component Development, Class Lead Yard Support (CLYS), and Submarine Industrial Base (SIB) supplier development enhancements, as detailed in the U.S. Department of Defense contract award.

"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," said Mark Rayha, president of General Dynamics Electric Boat. "The ongoing support for the shipyards and our supply base from the Navy, Congress and the administration is appreciated and necessary for us to meet the Navy's current and future demand for submarines."

Work will be performed in Groton, Connecticut (70%); Newport News, Virginia (15%); and Quonset Point, Rhode Island (15%) and is expected to be completed by 2031.

General Dynamics Electric Boat designs, builds, repairs and modernizes nuclear submarines for the U.S. Navy. Headquartered in Groton, Connecticut, it employs more than 24,000 people. More information about General Dynamics Electric Boat is available at http://www.gdeb.com.

Headquartered in Reston, Virginia, General Dynamics is a global aerospace and defense company that offers a broad portfolio of products and services in business aviation; ship construction and repair; land combat vehicles, weapons systems and munitions; and technology products and services. General Dynamics employs more than 110,000 people worldwide and generated $47.7 billion in revenue in 2024. More information is available at http://www.gd.com.

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/general-dynamics-electric-boat-awarded-a-987-million-contract-modification-for-long-lead-time-material-and-construction-costs-for-submarine-production-302485798.html

SOURCE General Dynamics