FALLS CHURCH (dpa-AFX) - General Dynamics Corp. (GD), Wednesday announced that it has secured a $1.85 billion contract modification for long lead time material and preliminary construction efforts for submarine production.
The Virginia-based company stated that the recent contract allows for the acquisition of critical material and components for Virginia-class submarines that require substantial lead time to manufacture and deliver.
Mark Rayha, president of General Dynamics Electric Boat, commented, 'Consistent funding and support such as this contract modification is essential for the shipyards to achieve the high-rate production of submarines the Navy needs.'
Currently, GD is trading at $292.70, down 0.50 percent on the New York Stock Exchange.
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