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Amphibious Combat Systems News

26 Aug 2002

U.S. Navy Awards $2.8M Contract To GD

The U.S. Navy has awarded Electric Boat a $2.8 million contract to perform planning work for maintenance on the USS Toledo (SSN-769). Electric Boat is a wholly owned subsidiary of General Dynamics. Under the terms of the contract, Electric Boat will immediately begin advanced planning for a 60-day maintenance period known as a Selected Restricted Availability (SRA). The SRA is scheduled to start at the Naval Submarine Base in Groton in April 2003. The maintenance component of the overall task, which has not yet been awarded, is expected to be worth $9.4 million. General Dynamics, headquartered in Falls Church, Virginia, employs approximately 54,000 people worldwide and anticipates 2002 revenues of approximately $14 billion.

03 May 2001

Good Vibes Surround General Dynamics, NNS $2.6B Deal

In a move that could possibly trigger the final slowdown in naval shipbuilding corporate asset consolidation, General Dynamics late last month made a $2.6 billion (a total which includes nearly $500 million of current debt takeover) bid to buy Newport News Shipbuilding. The move — while hardly a shock to defense insiders who have witnessed the proliferation of fewer, larger corporate entities serving the military markets — in essence provides the Pentagon a one-stop shop for the purchase of nuclear submarines and nuclear aircraft carriers. Just two years ago a similar attempt by General Dynamics was thwarted, largely because the bid in 1999 was hostile in nature and because of concerns regarding a monopoly of nuclear newbuilding capability.

25 Jun 2001

GD Extends NNS Offer

General Dynamics extended its pending tender offer for all outstanding shares of common stock (including associated rights) of Newport News Shipbuilding Inc. to midnight, EDT, on July 6, 2001. The offer was previously scheduled to expire at midnight, EDT, on June 22, 2001. delivery) of Newport News had been tendered. Dynamics is awaiting the requisite governmental approval in order to complete the transaction. for the U.S. Navy and provides life-cycle services for ships in the Navy fleet. employs nearly 17,000 people and has annual revenues of approximately $2 billion. worldwide and anticipates 2001 sales of approximately $11.5 billion. land and amphibious combat systems.