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October 20, 2008

Navy cancels $550M combat ship contract

WASHINGTON (AP) — The Navy has canceled plans to buy a third new combat ship this year from either Lockheed Martin or General Dynamics, citing budget shortfalls.

Both companies have been waiting since April for a decision from the Navy on that deal and another order for two more ships. The service last year canceled deals with both Lockheed and General Dynamics for second ships from each due to cost overruns. The Navy's latest cost estimate for the current ships being built is $550 million per vessel.


 
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