Force Protection Receives New Service and Support Orders
LADSON, S.C., Aug 08, 2008 (BUSINESS WIRE) ----Force Protection, Inc. (NASDAQ: FRPT: 3.59, +0.30, +9.11%) today announced that it has received a new contract modification for the service and support, including spare parts, of its Mine Resistant Ambush Protected Vehicles. This order modifies the M67854-07-D-5031 MRAP contract with Marine Corps Systems command to enable the Defense Logistics Agency (DLA: 4.94, +0.13, +2.70%) to place orders under that contract. Deliverables under the modification, which totals $69.5 million, are expected to run through 2009. This modification is subject to the company's agreement with General Dynamics Land Systems providing for a share of the deliverables and the actual revenue split between the partners is to be determined.
Michael Moody, Chairman and Chief Executive Officer of Force Protection, commented, "We continue to see significant levels of service and support work for our fleet of vehicles and we remain pleased with the strong relationship we have developed with the United States Marine Corps, our largest customer. This modification builds upon our relationship with the Defense Logistics Agency to provide ongoing support to our vehicles in the field."
foxbusiness.com |
