Defense contractor General Dynamics, parent of submarine builder Electric Boat in Groton, said its board had approved the repurchase of up to 10 million common shares, Reuters reports.
The company, based in Falls Church, Va., had about 380 million shares outstanding as of the end of 2010.
Based on late-morning trading Friday at $75.66, down 42 cents, the buyback is valued at about $760 million.
