The Department of Defense ended the week with a bang (if you'll pardon the expression) Friday, awarding no fewer than 29 separate contracts worth more than $951 million in aggregate. Out of all those contracts, one single win, awarded to one single company, accounted for more than one-third of all funds awarded Friday.
That happy company was Terex (NYSE:TEX), which was awarded $327.5 million in a fixed-price with an economic-price-adjustment contract for the sale and purchase of "commercial type cranes." The company will perform this contract over the course of five years, through May 30, 2018, delivering cranes to Army, Navy, Air Force, Marine Corps, and federal civilian agency sites in Virginia, Iowa, and South Dakota, and also abroad in Italy, France, and Germany.
The contract value equates to approximately 22% of annual revenues from Terex's Cranes division and, if implemented in full, could secure 4.4% of that division's business each year for the next five years.
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