(By Balaseshan) General Dynamics Corp. (NYSE: GD), an aerospace and defense company, said its subsidiary has received a contract from the U.S. Navy to perform submarine safety program (SUBSAFE) and intermediate submarine maintenance work for submarines.
General Dynamics Electric Boat said this five-year, indefinite delivery, indefinite quantity contract has a potential value of $215.5 million.
Electric Boat will provide technical management, administrative and technical services, tools, equipment and facilities and required support to accomplish installation, repair and maintenance of weapons, hull, mechanical and electrical equipment.
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In a separate release, the company's business unit General Dynamics C4 Systems said it has successfully completed critical ground system modifications and technology updates needed to support the mission of NASA's three, next-generation Tracking and Data Relay Satellites (TDRS).
Modifications to the ground system, located in New Mexico, included integrating advanced command, control and communications equipment and systems, General Dynamics noted.
The company said the work was done without interrupting the day-to-day operations of the TDRS constellation, which connects the space agency's spacecraft, including the Hubble Space Telescope and International Space Station, to mission-critical ground systems.
General Dynamics leads the modernization of the TDRS ground system as a subcontractor to Boeing Co. (NYSE: BA), the prime contractor responsible for building the three next-generation TDRS satellites.
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TDRS satellites maintain a geosynchronous orbit where they have a wide view of Earth. From that position, the satellites pick up signals from NASA's fleet of Earth-orbiting spacecraft, relaying their signals to the White Sands ground station, General Dynamics noted.
GD is trading down 0.61% at $68.13 on Thursday. The stock has been trading between $61.09 and $74.54 for the past 52 weeks.