'Private Sector Could Do More to Help' Military Production Ramp-up -- Market Talk

Dow Jones04-18

1836 ET - Defense Secretary Lloyd Austin said the government is making "material" investments to expand capacity and has discussed with contractors General Dynamics and Huntington Ingalls staffing and supply-chain challenges that have hamstrung military production. "I want to be clear that the private sector could do more to help," Connecticut Rep. Rosa DeLauro, said at a subcommittee hearing, citing submarine production delays as well as a backlog of maintenance. Defense budget asked for one class of submarine, instead of the two, due to backlog issues, Austin said. "And rather than increase that backlog, the right thing to do, in my view, is to invest in the industrial base," he said, "giving the industrial base the means to expand capacity by recruiting and retaining the right people [and] making sure that they can strengthen their supply chains." (maria.armental@wsj.com; @mjarmental)

(END) Dow Jones Newswires

April 17, 2024 18:36 ET (22:36 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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