2025 - Press Release Archives

Electric Boat Acquires Former-Macy's Property in Waterford, CT, to Support Growth
Expanding Footprint Throughout Southeastern Connecticut
Repurposing Shipyard Space to Accelerate Submarine Production

GROTON, Conn. (June 25, 2025) - General Dynamics Electric Boat, a business unit of General Dynamics (NYSE: GD), today announced it has acquired the former Macy's department store location in Waterford, Connecticut. This addition to Electric Boat's footprint follows a series of real estate acquisitions over the past six months in support of its mandate to accelerate submarine production. In addition to supporting these infrastructure investments, a recent contract modification from the Navy supported significant wage enhancements for employees, designed to attract and retain the best shipbuilders in the world.

"We are delighted to expand our footprint in Southeastern Connecticut," said Mark Rayha, president of General Dynamics Electric Boat. "Over the past two years, we successfully worked with the Navy, Congress and the administration to secure funds that enable us to increase wages for the nuclear-powered vessel workforce and allow for significant additional investments in capacity, shipyard processes and systems. This acquisition is another example of effectively leveraging those funds to move important support functions out of the shipyard and maximize the production value of our waterfront footprint."

"The acquisition of the Waterford location and other recent property acquisitions by our nation's largest submarine builder underscore the pivotal role our state plays in strengthening America's national security," U.S. Rep. Joe Courtney (CT-02) said. "This new enterprise, focused on leading-edge Naval architecture, is another example of Electric Boat positioning itself to meet the Navy's and Congress' long-term commitment to our future submarine fleet."

Announcing Waterford, CT, Expansion – Macy's Department Store

On June 24, 2025, Electric Boat acquired the former Macy's department store location in Waterford, Connecticut. This transaction provides Electric Boat with space to expand its engineering, training and laboratory work in support of Columbia- and Virginia-class submarine production.

Approximately 700 Electric Boat employees are expected to work at this Waterford location. The 121,000-square-foot building sits on a 7.4-acre plot of land and is connected to the Crystal Mall on Route 85 in Waterford. The location is approximately 5.5 miles from Electric Boat's shipyard in Groton, Connecticut, near major transportation routes, making it an ideal location for Electric Boat's employees. In addition, the location includes plenty of parking and easy access to local businesses.

Electric Boat will refurbish the location to provide space for a range of functions related to its submarine production, including engineering, training and laboratories. Electric Boat anticipates employees will start working in this location as early as March 2027.

"Electric Boat looks forward to partnering with the local community to support our critical mission to build nuclear submarines. The Navy and our nation are counting on us," added Rayha.

"The Town of Waterford is thrilled to welcome Electric Boat," said Waterford First Selectman Rob Brule. "Electric Boat's expansion to our town is a significant investment that reinforces our strong maritime history and our commitment to economic development for our community."

Other Infrastructure Expansion by Electric Boat

Recent real estate activity for Electric Boat has included:

Land purchase in North Stonington, CT, to build a 480,000-square-foot warehouse (January 2025)
Commercial lot at 435 Thames Street in Groton, CT (May 2025)
The former Garbo Lobster property at 415 Thames Street, Groton, CT (May 2025)
The former Macy's building and land in Waterford, CT (announced today)

Electric Boat continues to assess opportunities across its region to expand its footprint in support of the Navy's crucial need for nuclear submarines.

General Dynamics Electric Boat designs, builds, repairs and modernizes nuclear submarines for the U.S. Navy. Headquartered in Groton, Connecticut, it employs more than 24,000 people. More information about General Dynamics Electric Boat is available at www.gdeb.com.

General Dynamics is a global aerospace and defense company that offers a broad portfolio of products and services in business aviation; ship construction and repair; land combat vehicles, weapons systems and munitions; and technology products and services. General Dynamics employs more than 110,000 people worldwide and generated $47.7 billion in revenue in 2024. More information about General Dynamics is available at www.gd.com".

General Dynamics Electric Boat awarded a $987 million contract modification for long lead time material and construction costs for submarine production

GROTON, Conn. (June 18, 2025) - General Dynamics Electric Boat, a business unit of General Dynamics (NYSE: GD), announced today it has been awarded a $987 million contract modification to a previously awarded contract supporting submarine production. This modification is for additional Component Development, Class Lead Yard Support (CLYS), and Submarine Industrial Base (SIB) supplier development enhancements, as detailed in the U.S. Department of Defense contract award.

"This contract modification funds important shipyard and supply chain work essential to achieving the necessary growth in output and supports our efforts to accelerate submarine delivery," said Mark Rayha, president of General Dynamics Electric Boat. "The ongoing support for the shipyards and our supply base from the Navy, Congress and the administration is appreciated and necessary for us to meet the Navy's current and future demand for submarines."

Work will be performed in Groton, Connecticut (70%); Newport News, Virginia (15%); and Quonset Point, Rhode Island (15%) and is expected to be completed by 2031.

Headquartered in Reston, Virginia, General Dynamics is a global aerospace and defense company that offers a broad portfolio of products and services in business aviation; ship construction and repair; land combat vehicles, weapons systems and munitions; and technology products and services. General Dynamics employs more than 110,000 people worldwide and generated $47.7 billion in revenue in 2024. More information is available at www.gd.com.

General Dynamics Electric Boat Awarded $12 Billion Contract Modification for Virginia-Class Submarines

GROTON, Conn. (April 30, 2025) - General Dynamics Electric Boat, a business unit of General Dynamics (NYSE: GD), announced today it has been awarded a total of $12.4 billion in contract modifications for construction of two fiscal year 2024 Virginia-class submarines. Additionally, the award funds investments to improve productivity at the shipyards and workforce support as detailed in the Department of Defense contract award announcement. This contract includes options which, if exercised, would bring the cumulative value to $17.2 billion.

"Over the past two years, we successfully worked with the Navy, Congress and the administration to secure funds that enable us to increase wages for the nuclear-powered vessel workforce and allow for significant additional investments in capacity, shipyard processes and systems," said Mark Rayha, president of General Dynamics Electric Boat. "This contract modification validates the unique and important role submarines and submarine shipbuilders play in our national defense."

Virginia-class submarines are designed from the keel up for the full range of 21st-century mission requirements, including anti-submarine and surface ship warfare and special operations support. General Dynamics Electric Boat is the prime contractor and lead design yard for the Virginia-class submarine series and constructs them in a teaming arrangement with HII's Newport News Shipbuilding in Virginia.

General Dynamics Electric Boat Awarded $1 Billion Contract Modification for Long Lead Time Material for Virginia-Class Submarines

GROTON, Conn. (March 25, 2025) - General Dynamics Electric Boat, a business unit of General Dynamics (NYSE: GD), announced today it has been awarded a $1 billion undefinitized contract modification allowing Electric Boat to purchase long lead time materials for Virginia Class Block VI submarines as detailed in the U.S. Department of Defense contract award.

"This contract modification drives continuation of the crucial demand signal that the submarine industrial base needs to invest in the capacity and materials required to increase production volume," said Mark Rayha, president of General Dynamics Electric Boat. "Consistent funding for the supply base is essential to achieve the high-rate production the Navy requires of the entire submarine enterprise."

Virginia-class submarines are designed from the keel up for the full range of 21st-century mission requirements, including anti-submarine and surface ship warfare and special operations support. General Dynamics Electric Boat is the prime contractor and lead design yard for the Virginia class and constructs them in a teaming arrangement with HII's Newport News Shipbuilding in Virginia.