Leonardo DRS Receives Over $1 Billion to Support U.S. Navy’s Columbia-Class Submarine Program
April 04 2023 - 4:01PM
Business Wire
Leonardo DRS, Inc. (NASDAQ: DRS) announced today that it has
been awarded contracts valued at over $1 billion, when fully
funded, to provide the integrated electric propulsion components
for the U.S. Navy’s next-generation Columbia-class submarine.
“This award represents our company’s dedication to the
warfighter; developing innovative systems for critical
next-generation national security platforms like the Columbia-class
ballistic submarine,” said Leonardo DRS CEO Bill Lynn. “We are
proud to be partnered with General Dynamics Electric Boat and the
U.S. Navy to provide the state-of-the-art components that are at
the core of this critical U.S. Navy platform.
The Columbia-class submarine is a top priority program for the
U.S. Navy and will replace the fleet of Ohio-class ballistic
missile submarines.
The integrated electric propulsion components will be
manufactured in the company’s Fitchburg, Massachusetts, Menominee
Falls, Wisconsin, and Danbury, Connecticut facilities. Additional
content will be manufactured in the DRS High Ridge, Missouri
facility.
Leonardo DRS is a leading provider of next-generation electrical
power conversion and propulsion technology for the U.S. Navy, with
major systems for next-generation submarines and surface ships.
Investments in the company’s market-leading propulsion and power
generation technology have created opportunities to use proven
electric drive capabilities for future naval platforms. DRS
solutions are leading the way in providing power flexibility to
support the increased power requirements of current and future
naval platforms.
About Leonardo DRS
Headquartered in Arlington, VA, Leonardo DRS, Inc. is an
innovative and agile provider of advanced defense technology to
U.S. national security customers and allies around the world. We
specialize in the design, development and manufacture of advanced
sensing, network computing, force protection, and electric power
and propulsion, and other leading mission-critical technologies.
Our innovative people are leading the way in developing disruptive
technologies for autonomous, dynamic, interconnected, and
multi-domain capabilities to defend against new and emerging
threats. For more information and to learn more about our full
range of capabilities, visit www.LeonardoDRS.com.
Forward-Looking Statements
This communication contains statements that constitute
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. Those statements reflect
current expectations, assumptions and estimates of future
performance and economic conditions. The company cautions investors
that any forward-looking statements are subject to risks and
uncertainties that may cause actual results and future trends to
differ materially from those matters expressed in or implied by
such forward-looking statements.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230404005102/en/
Leonardo DRS Investor Relations Contacts Steve Vather
Vice President, Investor Relations and Corporate Finance +1 703 409
2906 stephen.vather@drs.com
Leonardo DRS Media Contact Michael Mount Vice President,
Communications and Public Affairs +1 571 447 4624
mmount@drs.com
Leonardo DRS (NASDAQ:DRS)
Historical Stock Chart
From Jun 2024 to Jul 2024
Leonardo DRS (NASDAQ:DRS)
Historical Stock Chart
From Jul 2023 to Jul 2024