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Pentagon Awards Contract to Upgrade Navy's T-44s

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This week, the Department of Defense provided further evidence that -- bankrupt though it may be -- Goldman Sachs (NYSE: GS  ) holding Hawker Beechcraft still has a role to play in the U.S. military.

On Friday, the DoD announced it is awarding privately held Melbourne, Fla.-based Southeast Aerospace a $9.1 million firm-fixed-price, indefinite-delivery/indefinite-quantity contract to supply part kits to upgrade the avionics systems on the Navy's T-44 aircraft. The T-44 is a prop-driven training plane manufactured by Hawker subsidiary Beech Aircraft in Wichita, Kan.

The DoD contract provides that work on the upgrades is to be completed by January 2014, but the Navy (which operates the planes) has the option to add two additional one-year periods, extending the contract's duration to January 2016. If both options are exercised, the total maximum value of the contract rises to $18.3 million.

Presumably, it would also help if Hawker itself is around to help keep the planes flying for these next three years.

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9/27/2016 3:02 PM
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Goldman Sachs CAPS Rating: ***