General Dynamics, Textron Win Defense Contracts Thursday
The Department of Defense awarded 14 separate defense contracts Wednesday, worth $2.25 billion in total. General Dynamics didn't win the biggest of these contracts -- but its Gulfstream Aerospace subsidiary did win the second biggest.
Gulfstream's big win, an option exercise worth up to $102.1 million, hires the company to continue performing logistics support work on U.S. Air Force, Army, Navy, Marine Corps, and Coast Guard C-20 (militarized Gulfstream III) and C-37 (militarized Gulfstream V) transport aircraft through Jan. 31, 2015.
Additionally, General Dynamics' Advanced Information Systems division was awarded a $10.5 million contract modification to develop and produce multi-purpose processor cabinets and Total Ship Monitoring Systems for the U.S. submarine fleet. Work on this contract is now expected to continue through December 2015.
Separately, new Textron subsidiary Beechcraft won a $24.5 million firm-fixed-price and cost-reimbursable, indefinite-delivery/indefinite-quantity foreign military sales contract to train Iraqi aircraft maintenance crews in King Air 350 aircraft maintenance using standard commercial off-the-shelf King Air 350 Proline 21 avionics. This contract will be performed at New Al-Muthana Airbase in Iraq, and also in Wichita, Kan., and is expected to be completed by Dec. 31, 2015.
The article General Dynamics, Textron Win Defense Contracts Thursday originally appeared on Fool.com.Rich Smith has no position in any stocks mentioned. The Motley Fool owns shares of General Dynamics and Textron. 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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