Connecticut's Electric Boat touts successful year in annual report
Connecticut’s submarine manufacturer, Electric Boat, gave their yearly legislative update to local and state leaders on Monday, following the release of a report that states defense manufacturers had an "outstanding" year in 2020.
The Connecticut Office of Military Affairs said the defense industry in the state was awarded $18 billion in contracts last year. That’s the fourth highest since 2007.
Most of the money went to Electric Boat. The company this week forecasts doubling its revenue over the next decade building Columbia and Virginia class submarines for the U.S. Navy.
“Columbia will account for a much larger percentage of sales than we’re currently accounting. And it will be equivalent, roughly, to the Virginia program,” said Kevin Graney, the company’s president. “What that means as Electric Boat in terms of revenue generation will be about double its size over the course of the next decade.”
Graney also highlighted Electric Boat’s continued challenges in hiring new staff due to the pandemic. He said the company, and America’s defense manufacturers, need to stay ahead in the technology race against rivals China and Russia.
“For Russia it’s about improved sensors, stealth and longer-range weapons. For China, it’s speed to cover long distances and more payload,” Graney said. “And so, we’re continuing to see that take shape for our Virginia program as well as out future fast attack submarines.”