Army Lifts Ceiling on Harris Contract to $500 Million

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Melbourne, Fla.-based defense contractor Harris Corporation (NYSE: HRS  ) got another boost from the Pentagon Monday, announcing that it has received an increase in the ceiling value of the 2011 Indefinite Delivery, Indefinite Quantity (IDIQ) supply contract it  won to supply U.S.-allied governments with radios, accessories, systems, and related service. The new contract ceiling value is $500 million.

This contract authorizes sales of military and land mobile radio systems to unspecified "international partners of the U.S. State Department and U.S. Department of Defense," and is part of the U.S. government's Foreign Military Sales program, through which the U.S. government acts as intermediary in supplying allied governments with U.S. defense hardware.

Good news nothwithstanding, Harris shares declined 0.1% in Monday trading, closing at $44.30.

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Rich Smith

I love things that go "boom." Sonic or otherwise, that means I tend to gravitate towards defense and aerospace stocks. But to tell the truth, over the course of a dozen years writing for The Motley Fool, I have covered -- and continue to cover -- everything from retailers to consumer goods stocks, and from tech to banks to insurers as well. Follow me on Twitter or Facebook for the most important developments in defense & aerospace news, and other great stories besides.

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Related Tickers

11/27/2015 1:01 PM
HRS $83.10 Up +0.18 +0.22%
Harris Corp CAPS Rating: *****