ANNAPOLIS, Md., Aug. 14, 2013 /PRNewswire/ -- Northrop Grumman Corporation (NYSE: NOC) has been awarded a contract by the U.S. Navy for the production of acoustic nose arrays for the MK54 lightweight torpedo in support of Navy and foreign military sales requirements. The initial scope is for 428 nose arrays with a potential for as many as 3,000 over the life of the contract.
The $45.9 million firm-fixed-price, cost-plus contract includes options that, if exercised, would bring the cumulative value of the contract to $294.3 million.
"This contract represents the continuation of our proud torpedo heritage that dates back to World War II," said Tom Jones, vice president of Northrop Grumman's Undersea Systems business unit. "We are pleased to support the Navy's torpedo enterprise once again by providing this undersea warfare capability to the Navy and our international partners."This contract includes MK54 torpedo nose arrays for the U.S. Navy, the Royal Australian Navy and the Indian Navy. During the peak of the Navy's torpedo production from the late 1980s to the mid-1990s, Northrop Grumman produced more than 550 MK50 lightweight torpedoes along with 491 MK48 Advanced Capability (ADCAP) heavyweight torpedoes. Northrop Grumman was also a lead designer for the current MK48 ADCAP Mod 7 Common Broadband Advanced Sonar System upgrade in the early 2000s. Northrop Grumman is a leading global security company providing innovative systems, products and solutions in unmanned systems, cyber, C4ISR, and logistics and modernization to government and commercial customers worldwide. Please visit www.northropgrumman.com for more information. SOURCE Northrop Grumman Corporation
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV