HII Breaks Ground on New Submarine Facility at Newport News Shipbuilding

Rhea-AI Summary

HII (NYSE: HII) has commenced construction on the Multi-Class Submarine Production Facility at its Newport News Shipbuilding division, aimed at enhancing the production of Columbia- and Virginia-class submarines. This facility is part of a larger $1.9 billion investment by HII between 2016 and 2025, jointly funded with the Navy. The Columbia-class program, crucial for national defense, will replace the Ohio-class submarines. NNS is a primary contractor for these submarines, working alongside General Dynamics Electric Boat. The groundbreaking marks the start of a strategic project to meet the Navy's submarine needs efficiently.

Positive

• Groundbreaking of the Multi-Class Submarine Production Facility enhances production capabilities.
• Joint funding with the Navy strengthens partnership and investment.
• $1.9 billion investment signals strong commitment to submarine construction by HII.

Negative

• None.

NEWPORT NEWS, Va., Feb. 09, 2023 (GLOBE NEWSWIRE) -- Global all-domain defense partner HII (NYSE: HII) recently broke ground on a new project that will support nuclear submarine construction at its Newport News Shipbuilding division.

The Multi-Class Submarine Production Facility is one of three new facilities, enabling NNS to further support the construction and delivery of Columbia- and Virginia-class submarines.

“The Navy has made it clear how important both the Columbia- and Virginia-class submarine programs are to our nation’s defense,” said Brandi Smith, NNS vice president of Columbia-class submarine construction. “The Multi-Class Submarine Production Facility is an intentional investment to accelerate our efforts to deliver the highest quality submarines our Navy needs.”

Wednesday’s groundbreaking marked the first phase of construction. Work on two additional facilities is expected to begin later this year. The Multi-Class Submarine Production Facility is designed to be adaptable, allowing NNS to support both Columbia- and Virginia-class construction.

Photos accompanying this news release are available at: https://hii.com/news/hii-groundbreaking-submarine-facility-newport-news-shipbuilding.

The Multi-Class Submarine Production Facility is funded jointly by the Navy and HII, and is part of $1.9 billion in capital investments HII is making at NNS between 2016 and 2025. NNS is one of only two shipyards capable of designing and building nuclear-powered submarines for the U.S. Navy.

The Navy has identified the Columbia-class as its top acquisition priority. Twelve Columbia-class boats will replace the fleet of Ohio-class nuclear ballistic submarines and take over the role of the nation’s sea-based strategic deterrent; these submarines will provide the most survivable leg of the nation’s strategic triad.

NNS is a major contractor and shipbuilding partner in the Columbia-class program, designing, constructing and delivering six module sections per submarine under contract to General Dynamics Electric Boat.

Under a separate teaming agreement with Electric Boat, NNS is also building Virginia-class submarines for the Navy. The advanced capabilities of Virginia-class submarines increase firepower, maneuverability and stealth.

In November, NNS celebrated the keel authentication for Arkansas (SSN 800), the 27th Virginia-class fast attack submarine, as the shipyard continues to invest in its workforce and facilities to make steady progress on delivering these important assets to the Navy.

About HII

HII is a global, all-domain defense provider. HII’s mission is to deliver the world’s most powerful ships and all-domain solutions in service of the nation, creating the advantage for our customers to protect peace and freedom around the world.

As the nation’s largest military shipbuilder, and with a more than 135-year history of advancing U.S. national security, HII delivers critical capabilities extending from ships to unmanned systems, cyber, ISR, AI/ML and synthetic training. Headquartered in Virginia, HII’s workforce is 43,000 strong. For more information, visit:

• HII on the web: https://www.HII.com/
• HII on Facebook: https://www.facebook.com/TeamHII
• HII on Twitter: https://www.twitter.com/WeAreHII
• HII on Instagram: https://www.instagram.com/WeAreHII

Contact:

Todd Corillo
Todd.T.Corillo@hii-co.com
(757) 688-3220

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/55c3ed6a-1b92-46e1-86f6-12b36216ef7c

FAQ

What did HII announce on February 9, 2023?

HII announced the groundbreaking of the Multi-Class Submarine Production Facility at its Newport News Shipbuilding division.

What is the purpose of the Multi-Class Submarine Production Facility?

The facility will support the construction of Columbia- and Virginia-class submarines for the U.S. Navy.

How much is HII investing in its Newport News Shipbuilding division?

HII is investing $1.9 billion at Newport News Shipbuilding between 2016 and 2025.

Which submarine programs is HII involved in?

HII is involved in the Columbia-class and Virginia-class submarine programs.

Why is the Columbia-class program significant?

The Columbia-class program is the Navy's top acquisition priority and will replace the aging Ohio-class submarines.