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Friday, August 24, 2007

General Dynamics NASSCO and Navy Agree to Terms for Five Additional T-AKE Ships

General Dynamics NASSCO, a wholly-owned subsidiary of General Dynamics, has reached an agreement with the U.S. Navy for options to build up to five additional T-AKE dry cargo ammunition ships.

Contracts for the ships, valued at approximately $2.5 billion if all options are exercised, are expected to be awarded over the next four years. Including the nine ships previously under contract, this agreement means the San Diego shipyard would build a total of 14 T-AKE ships for the Navy.

"This agreement clearly provides the best value to the government and NASSCO," said Frederick J. Harris, president of General Dynamics NASSCO.

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