General Dynamics, Huntington Ingalls win huge U.S. submarine orders |
| Reuters - Dec 27, 2012 |
The U.S. Navy last week awarded submarine contracts worth up to $4.5 billion to General Dynamics Corp (GD.N) and Huntington Ingalls Industries Inc. (HII.N), securing the funds from automatic budget cuts if Congress cannot reach agreement on other ways to reduce U.S. deficits.
The Navy awarded General Dynamics a five-year contract valued at up to $1.99 billion if all options are exercised, for research and development work on a new submarine to replace the current Ohio-class vessels, which carry nuclear weapons.
It awarded a separate contract worth nearly $2.5 billion for construction of two smaller Virginia-class submarines, work that will be split between General Dynamics' Electric Boat division, based in Groton, Connecticut, and Huntington Ingalls' Newport News shipyard.
Connecticut Representative Joe Courtney welcomed the contract news, saying it would help stabilize the local workforce and ensure continued production of submarines, which he described as "a key component of our national security."
Read Full Article from Reuters
- Posted: 2012-12-27 16:50:45
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