General Dynamics plans to make an $850 millionÂ investment in its operations in Connecticut to support the production of 12 Columbia-class ballistic missile submarines for the U.S. Navy under a potential $5 billion contract awarded in 2017, the Connecticut Post reported Tuesday.
General Dynamics Electric Boat plans to establish a new dry dock in Groton, Conn., as it plans to increase the annual production of Columbia-class submarines to three new vessels by 2021.
The company also plans to hire 1,900 employees in New London and Groton in the next 17 years in order to bring its total workforce in the state to at least 13,000 personnel.
â€œWe began material purchases early this year to support construction on the first ship for Columbia (ahead of) full construction in 2020,â€ said Phebe Novakovic, General Dynamics CEO and a 2018 Wash100 recipient.
The report said the company will receive up to $83 million in incentives from the state of Connecticut once it meets its spending and hiring objectives.
General Dynamics Electric Boat announced in January that it plans to hire an additional 2,200 workers this year to back submarine design, engineering and fabrication work in Groton and Quonset Point, R.I.