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U.S. Marine Corps Awards Force Protection $376 Million MRAP Contract
bwire
LADSON, S.C. (Business Wire) -- Leading armored vehicle manufacturer Force Protection, Inc.
(NASDAQ:FRPT) today announced it has received a $376 million dollar contract to produce an additional 800 vehicles for the U.S. Marine Corps' Mine Resistant Ambush Protected (MRAP) vehicle program.
This latest delivery order calls for 553 MRAP Category I Cougar
4X4 and 247 Category II Cougar 6X6 vehicles. Vehicle deliveries are scheduled for completion by April 2008. Force Protection has received contracts for more than 2,700 MRAP vehicles thus far in the program.
"This order is significant in several ways," said Force Protection COO Raymond Pollard. "First, it is the second largest vehicle contract in the company's history; second, it is indicative that our proven in-field performance has shown that all v-shaped armored vehicles are not created equally; and, third, it is fresh evidence that our vehicles represent a leading and effective battlefield solution in Iraq.
"We are currently ahead of our MRAP delivery schedule," added Pollard. "This new order is expected to keep our current production lines operating at or near capacity and to continue to supply vehicles in greater numbers as we support the blast protection needs of the warfighter."
The vehicles covered by this new order are to be manufactured by Force Dynamics LLC, a joint venture between Force Protection and General Dynamic Land Systems, a business unit of General Dynamics Corporation (NYSE:GD).
Force Protection's Cougar and Buffalo vehicles have been deployed to Iraq and Afghanistan since 2003.
About Force Protection Inc.
Force Protection, Inc., answering the call to duty to bring lifesaving mine-resistant ambush protected vehicles to U.S. troops in combat and an American company whose vehicles, Cougar and Buffalo, have a proven track record where it matters most, in the battlefield, manufactures ballistic- and mine-protected vehicles. These specialty vehicles protect against landmines, hostile fire, and Improvised Explosive Devices (IEDs, commonly referred to as roadside bombs).
Force Protection's mine and ballistic protection technologies are among the most advanced in the world. The vehicles are manufactured outside Charleston, S.C. For more information on Force Protection and its vehicles, visit www.forceprotection.net.
About General Dynamics
General Dynamics Land Systems, a business unit of General Dynamics (NYSE:GD), designs, manufactures and supports land and amphibious combat systems for the U.S. Army, U.S. Marine Corps, and allied nations. Headquartered in Falls Church, Va., General Dynamics employs approximately 82,900 people worldwide and anticipates 2007 revenues of approximately $27 billion. The company is a market leader in mission-critical information systems and technologies; land and expeditionary combat systems, armaments and munitions; shipbuilding and marine systems; and business aviation. More information on General Dynamics can be found online at www.generaldynamics.com.
This press release contains forward-looking statements that involve risks and uncertainties. The Company generally uses words such as "believe," "may," "could," "will," "intend," "expect,"
"anticipate," "plan," and similar expressions to identify forward-looking statements. You should not place undue reliance on these forward-looking statements. Actual results could differ materially from those anticipated in the forward-looking statements for many reasons, including the risks described in the Company's Form 10-K and other reports filed with the Securities and Exchange Commission. Although management believes the expectations reflected in the forward-looking statements are reasonable, they relate only to events as of the date on which the statements are made, and the Company's future results, levels of activity, performance or achievements may not meet these expectations. The Company does not intend to update any of the forward-looking statements after the date of this document to conform these statements to actual results or to changes in expectations, except as required by law.
Policy Impact Communications
Jeff Child, 202-737-5339 |
