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Benzinga
Benzinga
Business
Akanksha Bakshi

General Dynamics Secures $600M In US Navy Contract Modifications

US Navy GD General Dynamics Corp NYSE
  • General Dynamics Corp (NYSE:GD) subsidiary General Dynamics NASSCO has secured $600 million in U.S. Navy contract modifications for long-lead-time material for three ships.
  • This contract will support the construction of the seventh and eighth ships in the John Lewis-class fleet oiler (T-AO) program and the sixth ship in the Expeditionary Sea Base (ESB) program.
  • The contract modifications for long-lead-time material provide $500 million for T-AO 211 and 212 and $100 million for ESB 8.
  • Construction is scheduled to begin in 3Q23 and continue into 2027.
  • Price Action: GD shares are trading lower by 0.40% at $219.60 on the last check Wednesday.
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