financetom
Business
financetom
/
Business
/
General Dynamics gets $1.85 billion contract modification for submarine production
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
General Dynamics gets $1.85 billion contract modification for submarine production
Jul 2, 2025 8:24 AM

July 2 (Reuters) - General Dynamics Electric Boat, the

submarine making unit of General Dynamics ( GD ), said on

Wednesday it received a $1.85 billion modification on its

previously awarded contract for Virginia-class submarines.

The modification is for long lead time material and

preliminary construction efforts for the nuclear powered

submarines, the company said.

The award, first posted on the Pentagon's website on June

26, is expected to be completed by September 2035, according to

the notice.

The announcement comes at a time when the submarines,

built for the U.S. Navy, is years behind schedule as a result of

labor shortages and supply chain issues.

"This contract modification allows for the acquisition

of critical material and components for Virginia-class

submarines that require substantial lead time to manufacture and

deliver," said Mark Rayha, president of General Dynamics

Electric Boat.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Sector Update: Consumer
Sector Update: Consumer
May 26, 2025
01:26 PM EDT, 05/15/2025 (MT Newswires) -- Consumer stocks were mixed Thursday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) adding 1.8% and the Consumer Discretionary Select Sector SPDR Fund (XLY) shedding 0.1%. In corporate news, Dick's Sporting Goods (DKS) agreed to buy Foot Locker ( FL ) for an equity value of $2.4 billion. Foot Locker (...
--SEC Probing Coinbase Over Stated User Numbers, The New York Times Reports
--SEC Probing Coinbase Over Stated User Numbers, The New York Times Reports
May 26, 2025
01:29 PM EDT, 05/15/2025 (MT Newswires) -- Price: 247.55, Change: -15.86, Percent Change: -6.02 ...
Chevron, European firms lobby to keep stakes in Venezuela oil joint ventures
Chevron, European firms lobby to keep stakes in Venezuela oil joint ventures
May 26, 2025
(Reuters) -U.S. oil producer Chevron Corp ( CVX ) and several European companies are in talks with the Trump administration to obtain authorizations to keep their stakes in joint ventures with Venezuela's state-run PDVSA, three sources close to the matter said. Washington in March revoked licenses and authorizations it had granted in recent years that allowed PDVSA's foreign partners and...
Google agrees $36 million fine for anti-competitive deals with Australia telcos
Google agrees $36 million fine for anti-competitive deals with Australia telcos
Aug 17, 2025
SYDNEY, Aug 18 (Reuters) - Google agreed on Monday to pay a A$55 million ($35.8 million) fine in Australia after the consumer watchdog found it had hurt competition by paying the country's two largest telcos to pre-install its search application on Android phones, excluding rival search engines. The fine extends a bumpy period for the Alphabet-owned internet giant in Australia,...
Copyright 2023-2026 - www.financetom.com All Rights Reserved