Pentagon Awards $712 Million in Defense Contracts Tuesday
The Department of Defense announced 16 new defense contracts worth a combined $712.1 million on Tuesday. Among the publicly traded companies winning contracts:
- Lockheed Martin won a $34 million firm-fixed-price contract to supply AN/AAQ-30(A) Target Sight Systems for installation aboard U.S. Marine Corps AH-1Z attack helicopters as part of H-1 upgrades program. This is the program through which the Marines' existing fleet of AH-1W SuperCobra helicopters is being converted into AH-1Z Vipers. Lockheed's contract is due to be completed in May 2016.
- Hyster-Yale Materials Handling won a fixed-price with economic-price-adjustment contract to supply the U.S. Navy with forklifts for shipboard use. The contract is worth up to $28.7 million, and due for completion by Dec. 16, 2018.
- Northrop Grumman won a not-to-exceed $20 million cost-plus-fixed-fee, indefinite-delivery/indefinite-quantity contract to perform research and development work leading to development and demonstration of "a probabilistic, risk-based, flight-by-flight individual aircraft tracking (IAT) framework to replace the baseline deterministic IAT framework currently used for legacy aircraft." Northrop is expected to be engaged in this work through March 17, 2020.
- Rocky Brands was awarded a $15 million contract modification, under which the U.S. Defense Logistics Agency exercised the first of four potential one-year long option periods on a contract to supply the U.S. Army with hot weather combat boots. This contract will now continue in force through at least Dec. 21, 2014.
The article Pentagon Awards $712 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 Lockheed Martin and Northrop Grumman. 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.
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