General Dynamics Gets $1.2B Army Pact for Anti-Drone Defense Systems - TheStreet

General Dynamics Gets $1.2B Army Pact for Anti-Drone Defense Systems

A General Dynamics unit got a $1.2 billion U.S. Army contract to provide systems that defend forces against drones and other aircraft.
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General Dynamics Land Systems  (GD) - Get Report said Friday that it received a $1.2 billion U.S. Army contract to provide systems that defend forces against drones and other aircraft.

The army’s initial order on the contract calls for producing 28 Stryker IM-Shorad -- interim maneuver short-range air defense -- vehicles for the army for $230 million, according to a company statement.

Land Systems is a Sterling Heights, Mich., subsidiary of General Dynamics, the Reston, Va., aerospace and defense contractor. The unit specializes in producing land combat vehicles worldwide.

General Dynamics Land Systems has production facilities in Anniston, Ala., Tallahassee, Fla., London, Ontario, Lima, Ohio and Scranton, Pa.

Each army order will determine work locations and funding, with the completion date set for September 2025.

IM Shorad is "designed to counter threats from unmanned aerial systems and a multitude of rotary and fixed-wing aircraft," General Dynamics said.

Yesterday, General Dynamics’s Electric Boat, a Groton, Conn., unit, said that this week it was awarded two U.S. Navy contracts valued at a total $251 million.

The first is a $215.7 million modification to a previously awarded contract, which if the Navy exercises all options could be valued at more than $1 billion.

For this pact Electric Boat said it would provide planning yard, design agent, engineering services and technical support for in-service submarines and submersible systems.

The second contract is a $35.3 million cost-plus-fixed-fee contract for reactor plant planning yard services for the submarine fleet and support yard services for the Navy's moored training ships.

And also yesterday General Dynamics Information Technology received a five-year $306 million contract from the Department of Veterans Affairs Veterans Benefit Administration.

Under the terms GDIT, Reston, will use managed services and artificial intelligence to digitally convert historic veterans’ records, automate the extraction of data from current records, and process official military personnel file requests, all to support processing of claims for veterans’ benefits.

Modernizing the VA's military service recordkeeping “will enable the VBA to more rapidly process and award veterans' claims for disability, housing, education, loans, pension and several other benefits,” the company said.

At last check General Dynamics shares rose 1.4% to $140.20.