Harris Corp. Lands $397 Million Contract With Department of Defense

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Florida-based telecom Harris Corp. (NYSE: HRS  ) has scored a $397 million deal from the Department of Defense, according to a press release from the company today.

The two-year contract to provide Falcon III tactical handheld radios to U.S. forces could be worth up to $712 million if a pair of optional one-year extensions are exercised. Harris will also provide training and accessories. The contract was awarded by the Space and Naval Warfare Systems Command.

The company's Department of Defense business president, George Helm, was quoted in the press release as saying: "We applaud the joint program office for taking this step to encourage innovation, which will drive greater competition in tactical radios."

Harris Corp. has about $5.5 billion of annual revenue and about 15,000 employees.

Dan Carroll has no positions in the stocks mentioned above. The Motley Fool owns shares of General Dynamics. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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10/28/2016 1:55 PM
HRS $89.28 Up +0.30 +0.34%
Harris CAPS Rating: ****