Rhode Island Commerce Corporation Hosted General Dynamics Electric Boat Potential Supplier Summit

PROVIDENCE, R.I. — To enhance Rhode Island’s local manufacturing supply chain, the Rhode Island Commerce Corporation (Commerce RI) and its Rhode Island Procurement Technical Assistance Center (PTAC) hosted the General Dynamics Electric Boat Potential Supplier Summit on Wednesday, October 8, at the New England Institute of Technology.

Supply chain executives and procurement managers from Electric Boat were present to discuss “How to Do Business with Electric Boat”. Over 80 local small and mid-size manufacturers took advantage of the opportunity to meet with Electric Boat employees and discuss how their products and services could be of use to the large defense contractor.

“Electric Boat is a leading defense contractor nationally, a major employer in our state’s workforce and, for more than 200 other Rhode Island companies, an important client,” said Congressman Jim Langevin, a senior member of the House Armed Services Committee and a longtime supporter of General Dynamics Electric Boat’s work in Rhode Island. “Electric Boat does tens of millions of dollars’ worth of business with local suppliers, and with a $17.6 billion naval contract awarded in May, that partnership will continue to grow. This potential supplier summit is giving more businesses the opportunity to learn how best to do business with Electric Boat, which is truly a win-win situation for Electric Boat, for the suppliers and for the Rhode Island economy.”

Earlier this year, General Dynamics Electric Boat announced that it won a $17.6-billion contract to build 10 Virginia-class submarines over the next five years. These submarines are built at Electric Boat’s Quonset Point (RI) facility and Groton, CT, shipyard, and at Newport News Shipbuilding – the company’s construction teammate in Virginia. Electric Boat has purchased over $147 million worth of supplies and equipment from 235 Rhode Island suppliers in the last five years.

“As a whole, the Rhode Island defense sector supports 32,993 jobs – or 6.2% of total employment – and added $3.7 billion to the state’s economic output, which represents 7% of the state’s gross domestic product,” said Commerce RI Executive Director Marcel A. Valois. “Electric Boat is a huge player in Rhode Island’s defense sector, and this event connected them with some of the other defense industry players, 200 of whom, in 2013 alone, received $712 million in United States Department of Defense contracts.”

Steve Katz, Rhode Island PTAC program director, noted that “[t]his event gave Rhode Island businesses great insight on how to become a vendor to General Dynamics Electric Boat (EB) along with the immediate supply opportunities that EB seeks to fill. It was a very worthwhile event for our business community.”

Learn about Rhode Island’s innovative and thriving defense industry and talented workforce at http://greaterri.com.

About Rhode Island Commerce Corporation

The Rhode Island Commerce Corporation is the full-service, official economic development organization for the state of Rhode Island. A quasi-public agency, the corporation serves as a government and community resource to help streamline the business expansion in, and relocation to, Rhode Island. The agency assists companies with commercial real estate, business financing, workforce training and other relevant issues. www.commerceri.com

About Rhode Island Procurement Technical Assistance Center (PTAC)

The Rhode Island Procurement Technical Assistance Center (RI PTAC) is a member of a nationwide network of 98 federally funded business development centers providing a variety of services to help in-state businesses navigate the complexities of contracting with federal, state and local government agencies. RI PTAC is a partner program of the Rhode Island Commerce Corporation (Commerce RI). RI PTAC services are free to all Rhode Island businesses.

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