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Pentagon Awards $719 Million in Defense Contracts Friday

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The Department of Defense awarded five defense contracts Friday, worth a total of $719.3 million.

The vast amount of the day's awards went to privately held defense contractors. These included the day's biggest contract -- a $497 million IDIQ contract requisitioning technical support in the development and integration of command, control, communications, computers, intelligence, surveillance, and reconnaissance for the U.S. Army, and also its second largest -- a $157.5 million award for the procurement of unspecified "commercial type environmental equipment." Among publicly traded corporations, though, only one received work from the Pentagon today: Snap-On (NYSE: SNA  ) .

The tools and diagnostic equipment maker won a $37.7 million firm-fixed-price, indefinite-delivery/indefinite-quantity contract to supply the U.S. Army with aviation tool kits for use in maintenance work on its helicopters. This contract will run through Feb. 12, 2019.

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  • Report this Comment On February 08, 2014, at 9:04 AM, Katsdad wrote:

    No information about bidding, no information about much of anything except the dollars as we exceed the debt ceiling. Such transparency, and such marvelous research by reporters supposedly PAID to provide information..........

  • Report this Comment On February 09, 2014, at 3:18 AM, HappyCustomer wrote:

    ID/IQ contracts are already bid on and typically open to full competition. The government can get a fixed price (and typically at MASSIVE savings) and then place the order repeatedly or as a need arises. It cuts down on the number of individual contracts and eliminates the ridiculous amount of variation between similar buys. I know that programs like AFWay and NETCENTS2 have saved millions upon millions the last few years in computer and related purchases. That doesn't even take into account the manhours and the elimination of bad buys (where the product doesn't meet the requirements due to poor wording).

    ID/IQ and other purchasing vehicles like that save time and money and are 100% FAR compliant. We should be using them more often. Their efficient and the discounts given because vendors know that there are going to be higher quantities is significant. I've never been able to get close to beating an ID/IQ price.

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Rich Smith

As a defense writer for The Motley Fool, I focus on defense and aerospace stocks. My job? Every day of the week, I'm monitoring the news, figuring out the winners and losers, and tracking down the promising companies for you to invest in. Follow me on Twitter or Facebook for the most important developments in defense & aerospace, and other great stories.

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9/2/2015 4:03 PM
SNA $155.42 Up +0.98 +0.63%
Snap-on, Inc. CAPS Rating: ****