Senators to talk with shipbuilders |
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Tue, 24 Apr 2007 23:49
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WASHINGTON (AP) - Senior executives at General Dynamics Corp. and Northrop Grumman Corp. on Wednesday will testify before a Senate committee probing recent problems with Navy shipbuilding programs.With plans to build a 313-ship fleet, senior Navy officials in recent weeks have warned that rising costs of key programs such as Lockheed Martin's and General Dynamics' next-generation surface combat ships could derail efforts by the department to modernize its fleet. The Navy's current battle force is 267 ships well below its target.Both companies are expected to detail cost drivers on their respective ship programs including higher labor, material and construction costs.Shares of Falls Church, Va.-based General Dynamics rose 96 cents to close at $80.07 on the New York Stock Exchange, while shares of Los Angeles-based Northrop fell $2.45, or 3.2 percent, to close at $74.17, also on the NYSE.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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