General Dynamics Awarded $429 Million U.S. Navy Contract

General Dynamics Electric Boat, a subsidiary of Falls Church-based General Dynamics (NYSE: GD) has been selected to conduct work for the U.S. Navy.

The $429 Million modified contract was initially awarded in October 2010 and has a potential worth of $1.2 billion over a three year time frame if all options are exercised.

Groton, Conn-based General Dynamics Electric Boat will provide overall services including research and development, design, planning, engineering and construction for U.S. Navy nuclear submarines and submersibles. The subsidiary has over 3,000 employees and will also provide training and facility support as well as discover ways to cost reduction.

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