On Friday, small-cap solar power, hard disk drive, and digital imaging company Intevac (NASDAQ:IVAC) announced that it has won a sizable (for its size) contract from defense contracting giant Northrop Grumman (NYSE:NOC).
Northrop has placed an additional $5.8 million worth of orders for Itevac's Laser Illuminated Viewing and Ranging, or LIVAR, digital cameras for use in airborne, long-range target identification. This order brings the total value of Northrop's indefinite delivery/indefinite quantity contract for the device to $24.8 million. The latest installment is expected to be delivered over the next 18 months.
Northrop uses the LIVAR as part of its LITENING self-contained multisensor weapon-aiming system, which is installed on such warplanes as the AV-8B Harrier, A-10A/C Warthog, F-15E, F-16, and F/A-18, as well as on the B-52H bomber and EA-6B Growler electronic warfare aircraft.
Intevac shares responded positively to the announcement, rising 0.9% in Friday trading to close at $4.68 per share.
Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool owns shares of Northrop Grumman. Try any of our Foolish newsletter services free for 30 days. We Fools don't 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.