Industrials
CPI Units Get Contracts For Navy Weapon Work
PALO ALTO, Calif. (AP) — CPI International Inc. said Wednesday two of its businesses received contracts worth up to $19.7 million from Raytheon Co. for work on a U.S. Navy radar-guided gun system.
The company said its Microwave Power Products Division got a five-year contract valued at up to $19 million to repair klystrons on the Phalanx Close-In Weapon System. The work will be done in Palo Alto, Calif. CPI also said its Beverly Microwave Division received a $700,000 contract to provide receiver protectors for the weapon system. That work will be carried out in Beverly, Mass., and shipments are expected to be completed in fiscal 2010. In May, defense contractor Raytheon received $260 million from the U.S. Navy to overhaul and upgrade 57 of the weapon systems and provide related equipment, spares and technical support. Phalanx is a rapid-fire, computer-controlled, radar-guided gun system intended to provide short-range defense against enemy aircraft and anti-ship missiles. More than 890 systems have been built and deployed in the navies of 25 countries. Shares of CPI rose 5 cents to $10.41 in afternoon trading.TheStreet Premium Services
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