Electric Boat Awarded $76.6 Billion Federal Contract

GROTON, CT — General Dynamics Electric Boat has been awarded a $76.6 billion contract from the U.S. Navy, according to a statement from the company.

The contract covers $29.5 billion for five additional Columbia-class submarines, $42.1 billion for nine additional Virginia-Class submarines and additional support for shipyard infrastructure.

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"These important contract modifications provide Electric Boat and our suppliers with the demand certainty we need to continue investing in capacity and hiring the workforce necessary to ensure we deliver these important national security assets on schedule," said Mark Rayha, president of General Dynamics Electric Boat.

Electric Boat has a goal of hiring 8,000 workers this year and next year to meet increased production targets.

Related: Electric Boat To Hire 8K Workers This Year, Next Year: Report

"This is fantastic news for Connecticut and for Electric Boat," Gov. Ned Lamont said in a statement. "With these multi-year contracts, the Navy has made clear what we've known all along: Electric Boat builds the best submarines in the world, and Connecticut has the best workforce in the world to build them. This is a commitment to years of shipbuilding right here in our state, meaning more jobs and growth in our communities."

Earlier this year, the company purchased the former Crystal Mall in Waterford, where it will expand its operations.

Related: Major Announcement Made About Future Of Waterford Mall