00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Andrel won a contract worth up to $2.9 billion from the U.S. Navy to boost submarine production
00:07and plans to invest $3.7 billion in a new shipyard outside Baltimore, according to CNBC.
00:13The 2 million square foot facility at Sparrows Point is expected to begin operations in 2030
00:18and create about 3,100 jobs.
00:21It will build components for Virginia-class submarines, while some parts will be manufactured
00:25in California.
00:26The contract comes days after Andrel co-founder Palmer Luckey joined the Pentagon's Project
00:30Meridian initiative to identify capabilities for future U.S. conflicts.
00:34Pentagon, Chief Technology Officer Emil Michael dismissed concerns about a potential conflict
00:39of interest involving Luckey's role.
00:41Defense tech companies and their leaders have gained influence in Washington as Trump pushes
00:45to strengthen U.S. military capabilities, including shipbuilding.
00:49For all things money, visit Benzinga.com.
Comments