General Dynamics to Render Nuclear Submarine Support

General Dynamics Corporation ( GD ) unit Electric Boat recently received a contract worth $310.8 million from the U.S. Navy, for support of active nuclear submarines. Although the share price of this defense company edged down 1.6% on Sep 25, 2014, it has increased 33.6% so far this year, outperforming the S&P 500's gain of 7.3%.

Under this modification contract, General Dynamics will act as the design agent and planning yard, as well as render engineering and technical support for active nuclear submarines. Roughly 73% of the work under this contract will be done in Groton, CT while the remaining in Bangor, WA (9%); Norfolk, VA (6%); Newport, RI (4%); Quonset, RI (3%); Kings Bay, GA (3%); and Pearl Harbor, HI (2%). 

 

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