General Dynamics gets $459M pact modification

GROTON, Conn. -- A General Dynamics subsidiary received a $459 million contract modification to provide support services for the Navy's nuclear submarines.

Electric Boat initially received the contract in October 2010. It has the possibility of a total value of about $1.2 billion over three years if all options are exercised.

Electric Boat will provide design, engineering and logistics support as well research and development services for active U.S. submarines and submersibles. It will also provide information services and support submarine maintenance and modernization activities, training and cost-cutting efforts.

Shares of defense contractor General Dynamics Corp. climbed 93 cents to $67.09 in afternoon trading on Tuesday.