Business Services Industry
Congress Authorizes Construction Contract for Five New Submarines.
Knight Ridder/Tribune Business News, September, 2003
The Hartford Courant, Conn. Knight Ridder/Tribune Business News
Sep. 19--Lawmakers have approved a multiyear, five-submarine contract between the Navy and Groton-based Electric Boat and its partner, Newport News Shipbuilding, a step the Navy and the shipyards say will help control costs on the Virginia-class program.
For the shipyards and their workers, the deal, which could be voted on by the House and Senate as soon as next week as part of a $368 billion Pentagon spending bill, means greater stability. Approval of the deal came in talks between House and Senate negotiators.
The Senate version of the spending plan included the multiyear contract, while the House plan did not. Lawmakers often are reluctant to go along with multiyear...
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