Shows & Panels
- The 2014 Big Picture on Cyber Security
- AFCEA Answers
- Ask the CIO
- Building the Hybrid Cloud
- Connected Government: How to Build and Procure Network Services for the Future
- Continuing Diagnostics and Mitigation: Discussion of Progress and Next Steps
- Federal Executive Forum
- Federal Tech Talk
- The Future of Government Data Centers
- The Future of IT: How CIOs Can Enable the Service-Oriented Enterprise
- The Intersection: Where Technology Meets Transformation
- Maximizing ROI Through Data Center Consolidation
- Modern Mission Critical Series
- Moving to the Cloud. What's the best approach for me
- Navigating Tough Choices in Government Cloud Computing
- The New Generation of Database
- Satellite Communications: Acquiring SATCOM in Tight Times
- Targeting Advanced Threats: Proven Methods from Detection through Remediation
- Transformative Technology: Desktop Virtualization in Government
- The Truth About IT Opex and Software Defined Networking
- Value of Health IT
- Air Traffic Management Transformation Report
- Cloud First Report
- General Dynamics IT Enterprise Center
- Gov Cloud Minute
- Government in Technology Series
- Homeland Security Cybersecurity Market Report
- National Cybersecurity Awareness Month
- Technology Insights
- The Cyber Security Report
- The Next Generation Cyber Security Experts
Shows & Panels
General Dynamics secures $17.65B contract with Navy
Monday - 4/28/2014, 11:30pm EDT
GROTON, Conn. (AP) -- General Dynamics said Monday it has secured a $17.65 billion contract to build attack submarines for the U.S. Navy.
The company said its subsidiary Electric Boat will be responsible for building 10 additional Virginia-class submarines as part of the agreement. It plans to build two ships per year for the next five years with the help of its partner Newport News Shipbuilding, a unit of Huntington Ingalls Industries.
Construction of the first submarine will begin May 1.
Electric Boat and Newport News Shipbuilding already have delivered 10 of these submarines to the Navy, and eight additional submarines are under construction.
In 2012, President Barack Obama's proposed budget called for only nine submarines, not 10, in the next block of Virginia-class ships.
U.S. Rep. Joe Courtney, a Democrat who represents eastern Connecticut, said the contract for the full 10 reflects the strength of arguments in favor of the strategic need for attack submarines, particularly after the loss of the USS Miami in a 2012 shipyard fire in Maine.
Electric Boat president Jeffrey S. Geiger said the award has great significance for the submarine industrial base.
"By continuing to produce two ships per year, the Navy and industry team retains the stability required to achieve increased efficiencies, providing the fleet with the submarines it needs to sustain the nation's undersea dominance," he said.
Shares of General Dynamics Corp., based in Falls Church, Va., closed at $107.39, down $1.62.
Shares of Huntington Ingalls, based in Newport News, Va., closed at $99.08, down $1.48.
Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.