Army Lifts Ceiling on Harris Contract to $500 Million

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Melbourne, Fla.-based defense contractor Harris Corporation got another boost from the Pentagon Monday, announcing that it has received an increase in the ceiling value of the 2011 Indefinite Delivery, Indefinite Quantity (IDIQ) supply contract it  won to supply U.S.-allied governments with radios, accessories, systems, and related service. The new contract ceiling value is $500 million.

This contract authorizes sales of military and land mobile radio systems to unspecified "international partners of the U.S. State Department and U.S. Department of Defense," and is part of the U.S. government's Foreign Military Sales program, through which the U.S. government acts as intermediary in supplying allied governments with U.S. defense hardware.

Good news nothwithstanding, Harris shares declined 0.1% in Monday trading, closing at $44.30.

The article Army Lifts Ceiling on Harris Contract to $500 Million originally appeared on Fool.com.

Fool contributor Rich Smith has no position in any stocks mentioned, and neither does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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