Pentagon Awards $166 Million in Contracts to Four Firms
"Sequester" or no sequester, the Department of Defense somehow always seems to find money in its pocket -- and companies to give it to. On Monday, the Pentagon announced a quartet of small (in defense contracting terms) contract awards to multiple publicly traded companies. Among them:
- Largest award went to Lockheed Martin , which won a $70 million contract modification upping the value of a "personnel services delivery transformation contract" related to the upgrade of Air Force Personnel IT systems. Work on this contract is due to be completed by April 2016.
- Shipbuilder Huntington Ingalls had the value of a previously awarded contract increased by $65 million. The additional funds will be used to "procure additional long lead material and advance construction activities" for the nuclear-powered aircraft carrier USS John F. Kennedy (CVN 79). Work on this contract is expected to be complete by October 2015. The Kennedy's expected commission date is not until 2020, however.
- L-3 Communications won a firm-fixed-price, sole-source contract worth $18.6 million to supply flight display units for U.S. Army Chinook (CH-47) helicopters. This contract has a March 7, 2017 completion date.
- And Raytheon was awarded a $12.8 million firm-fixed-price, indefinite-delivery/indefinite-quantity (IDIQ) to perform inventory management and maintenance work on Tomahawk missiles for the U.S. Navy and the United Kingdom's Royal Navy as well. Work on this contract is expected to be complete by February 2014.
The article Pentagon Awards $166 Million in Contracts to Four Firms originally appeared on Fool.com.Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool owns shares of Huntington Ingalls Industries, L-3 Communications Holdings, Lockheed Martin, and Raytheon Company. 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.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.