The Insider

General Dynamics to invest $1.9 billion in submarines and shipbuilding

By Justin Katz  
January 25, 2018 at 12:51 PM

General Dynamics intends to invest $1.7 billion and $200 million in its submarine and shipbuilding businesses, respectively, over the next several years, according to the company's chief executive.

The announcement came from GD chief executive Phebe Novakovic during a Jan. 24 earnings call.

"In response to the significant, increased demand from our Navy customer across all three of our shipyards, we are investing in each of our yards," Novakovic said, citing increased production of the block V Virginia submarine and Columbia ballistic missile submarine.

She also said GD has increased its internal training programs, hiring and training 4,600 workers in the last two years at Electric Boat.

The company's $200 million shipbuilding investment will go to Bath Iron Works and NASSCO "to meet the Navy's demand for more destroyers and auxiliary ships," Novakovic said.