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Pentagon Raises Value of ATSP3 Contracts to $6 Billion

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Starting the week off with a bang (if you'll pardon the expression), the U.S. Department of Defense announced 18 separate contract awards on Monday worth approximately $1.95 billion in total. The single biggest contract -- a monster $1.3 billion award -- will actually be split among seven companies:

  • Boeing (NYSE: BA  )
  • General Dynamics (NYSE: GD  )
  • Honeywell (NYSE: HON  )
  • Lockheed Martin (NYSE: LMT  )
  • Northrop Grumman (NYSE: NOC  )
  • Raytheon
  • and Britain's BAE Systems

Modifying existing indefinite-delivery/indefinite-quantity, Advanced Technology Support Program III (ATSP3) contracts already awarded, Monday's award raises the aggregate maximum value of these contract past $6 billion.

The Pentagon describes ATSP3 as "multiple-award, indefinite delivery/indefinite quantity contracts for engineering services designed to resolve problems with obsolete, unreliable, unmaintainable, underperforming, or incapable electronics hardware and software." The companies named above will compete against each other to win individual task orders under the $6 billion "umbrella" value on the contracts. Work is expected to continue through December 2016.

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  • Report this Comment On August 27, 2013, at 12:50 PM, peckbill wrote:

    Our government officials must remember, America first regardless of what other countries have to say.

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Rich Smith

I like 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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