General Dynamics Unit Awarded $78 Mln Contract By U.S. Navy

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4/18/2012 1:03 PM ET

General Dynamics Corp. (GD: Quote) said Wednesday its subsidiary, General Dynamics Electric Boat, was awarded a $78 million contract by the U.S. Navy to buy long lead-time material for the Virginia-class submarine SSN-792.

The contract provides funding for steam and electrical-plant components, the main propulsion unit and ship-service turbine generator set, as well as miscellaneous hull, mechanical and electrical-systems components to support construction of SSN-792, which will begin in 2014.

The company said that Electric Boat, in partnership with the Navy, is successfully pursuing its goal to reduce ship costs while maintaining capabilities through overall efficiency improvements, decreased ship-construction labors costs and shortened ship-construction cycle times.

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