December 23, 2008 |
Northrop Grumman Corp. and General Dynamics Corp., the Navy's top shipbuilders, received a $14-billion contract to jointly build more of the latest nuclear-powered submarines. The fixed-price incentive fee contract calls for construction of eight of the Virginia-class vessels, the Defense Department said in a statement Monday. Construction of the submarines by Northrop of Century City and General Dynamics of Falls Church, Va., will start between 2009 and 2013, and work will be finished by 2020, the statement said.
December 27, 2006 |
For the Hawaii, the newest Virginia-class fast-attack nuclear submarine, the party was a cheerful bon voyage. After seven years of construction, the $2.5-billion Hawaii -- Electric Boat's 100th nuclear submarine -- was handed over to the Navy in a chilly dockside ceremony at the company's Groton shipyard last week, beating the end-of-the-year delivery deadline by nine days.
December 15, 2005 |
Defense contractor General Dynamics Corp. moved to bolster its presence in the information technology market, announcing plans Wednesday to acquire Anteon International Corp. of Fairfax, Va., for $2.1 billion. Under the deal, General Dynamics would pay $55.50 in cash for each Anteon share, a 36% premium over Anteon's closing price Tuesday of $40.77. The overall deal is valued at $2.2 billion, including the assumption of $100 million of debt. Anteon shares rose $13.25, or 33%, to $54.02.
December 7, 2005
* Swiss drug maker Novartis won U.S. regulatory approval to buy the 58% stake of vaccine maker Chiron Corp. of Emeryville., Calif., that it didn't already own. * General Dynamics Corp. said it would fire as many as 2,400 employees, or about 20% of the workforce at its Electric Boat shipyard, as the U.S. Navy cuts back on submarine orders.
November 24, 2005 |
The Pentagon has approved construction of eight DD(X) destroyers being developed by Northrop Grumman Corp. and General Dynamics Corp. -- a potential $20-billion order -- a Defense Department official said Wednesday.
April 21, 2005 |
The Pentagon on Wednesday rejected for now a Navy plan under which Northrop Grumman Corp. and General Dynamics Corp. would compete for, rather than split, a potential $20-billion contract to build a new class of guided missile warship. The action dovetails with moves in Congress aimed at blocking a winner-take-all approach, which the Navy has said could trim $300 million from the cost of each of the new surface combatant warships, known as DD(X).