Pentagon Awards $582 Million in Defense Contracts Tuesday
On the final day of 2013, the Department of Defense awarded $582.1 million in funding through nine new defense contracts Tuesday. The largest of these awards went to Lockheed Martin in payment for Patriot missiles to be shipped to Kuwait, but Lockheed wasn't the only winner.
Among other publicly traded companies winning contracts:
- General Electric was awarded a $65.4 million contract modification to provide additional technical, engineering, and logistical services and supplies to the Corpus Christi Army Depot for the overhaul and repair of GE T700 engines -- which are used to power everything from Army SuperCobra attack helicopters, to its Apaches, to its Black Hawk transports. This contract will run through Dec. 31, 2014.
- AES subsdiary Dayton Power and Light won a $26.1 million firm-fixed-price contract to supply basewide electrical services to Wright-Patterson Air Force Base in Ohio through Dec. 31, 2014.
- General Dynamics subsidiary Gulfstream Aerospace was awarded an $8.4 million one-year-long option exercise -- the third of four possible -- to continue performing engineering work on a multi-service fleet of U.S. Air Force, Army, and Navy C-20 and C-37 aircraft passenger jets through Dec. 31, 2014.
The article Pentagon Awards $582 Million in Defense Contracts Tuesday originally appeared on Fool.com.Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool owns shares of General Dynamics and General Electric. Try any of our Foolish newsletter services free for 30 days. We Fools don't 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.