General Dynamics’ Subsidiaries Awarded Contracts from U.S. Army and U.S. Navy

SHARE

General Dynamics, an aerospace and defense company, said two of its subsidiaries have been awarded contracts from the U.S. Army and the U.S. Navy, according to the Department of Defense.

Shares rose marginally in Wednesday’s afternoon trade, and earlier reached a new record high.

General Dynamic Electric Boat was awarded a $47 million cost-plus-fixed-fee modification contract by the Naval Sea Systems Command to exercise options to perform non-nuclear submarine repair work on Groton-based submarines under the New England Manpower Initiative.

Under the terms of the contract, General Dynamic Electric Boat will continue to provide skilled personnel to perform non-nuclear submarine repair work at the Naval Submarine Base, New London, Connecticut, in support of returning mission ready submarines to the fleet. Work will be performed in Groton, Connecticut and is expected to be completed by Dec 2017.

The second contract, awarded to General Dynamics Land Systems Inc. by Army Contracting Command, is valued at $65.3 million, and is a cost-plus-fixed-fee foreign military sales contract for contractor logistic support and training for M1A1 tanks and M88A2 recovery vehicles. 85% of the work will be performed in Iraq and 15% in Sterling Heights, Michigan, with an estimated completion date of Dec. 31, 2017.

LEAVE A REPLY