General Dynamics Gets $33.5M Navy Contract
GROTON, Conn. (AP) — General Dynamics Corp. said Wednesday it received a $33.5 million contract modification to develop advanced undersea technologies.
The U.S. Navy awarded the contract to General Dynamics' Electric Boat unit. Electric Boat will conduct research and development studies on technology areas including manufacturing, maintainability, survivability, hydrodynamics, acoustics, and materials.
The modification is part of a contract the company received in November. The full contract could be worth up to $711.4 million over five years if all options are exercised.
Shares of General Dynamics rose 50 cents to $74 in afternoon trading.