Pentagon Awards $671 Million in Defense Contracts Thursday
On the first work-day of 2014, the Department of Defense awarded $671.3 million in funding through eight new defense contracts. General Electric won the largest contract by far, a $572.5 million one to maintain the engines on Navy fighter jets. But it wasn't the only winner.
- Britain's BAE Systems was awarded a $19.3 million option exercise to produce 81 MK 41 Standard Missile-6 vertical launching system canisters, plus related equipment for the U.S. Navy. This contract is expected to be completed by March 2016.
- United Technologies subsidiary Sikorsky Aircraft Corp won a $14.4 million sole-source firm-fixed-price contract to produce helicopter bearing assembly spindles for the Navy through Dec. 31, 2018.
- Northrop Grumman was awarded a $12.1 million contract modification to supply the Navy with "test assets" for 11 AN/APR-39D(V)2 radar warning receivers by January 2015.
- Ball Corporation won a $9.1 million cost-plus-fixed-fee contract for Advanced Laser Effects Research (ALTER) into laser damage testing, and testing the vulnerability of target systems to laser weapons. Ball will be working on this contract through Jan. 13, 2017.
The article Pentagon Awards $671 Million in Defense Contracts Thursday originally appeared on Fool.com.Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool owns shares of Northrop Grumman. 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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