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Tuesday, April 29, 2014

EB signs deal with Navy for 10 Virginia-class submarines

Virginia class SSNNavy officials have signed a $17.6 billion contract with Electric Boat, committing the service to buy the next 10 Virginia-class submarines.

For the Groton shipyard, which has faced a cycle of layoffs and recalls in recent years, the contract represents nearly a decade’s worth of work.

“This award has great significance for the U.S. Navy, our company and the entire submarine industrial base,” Jeffrey S. Geiger, president of Electric Boat, said in a statement. “By continuing to produce two ships per year, the Navy and industry team retains the stability required to achieve increased efficiencies, providing the fleet with the submarines it needs to sustain the nation’s undersea dominance.”

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