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Pentagon Awards $1.035 Billion in Defense Contracts Tuesday

By Rich Smith – Jan 29, 2014 at 9:31AM

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Great Lakes Dredge and Dock Corporation and Toshiba Corporation win contracts.

The Department of Defense awarded eight defense contracts Tuesday worth $1.035 billion in total. The single largest award, constituting the bulk of the funds -- $776 million -- went to privately held Wright & Wright Machinery Company to pay for "commercial type construction equipment" to be supplied to the Defense Logistics Agency. As for publicly traded companies, only two of them won contracts:

Great Lakes Dredge and Dock Corporation (GLDD 4.28%) won a $14.2 million firm-fixed-price contract from the U.S. Army Corps of Engineers, hiring Great Lakes to deepen the main channel of the Delaware River. Work on this contract should be complete by Nov. 30, 2014.

Meanwhile, two separate subsidiaries of Japan's Toshiba Corporation (TOSBF 0.06%), Toshiba America Medical Systems and Vital Images, received awards. Toshiba America Medical Systems picked up an option-year renewal (the fifth of seven possible) worth up to $187.7 million to supply U.S. Army, Navy, Air Force, Marine Corps, and federal civilian agencies with radiology systems, subsystems and components through Feb. 3, 2015. Vital Images was awarded a similar option exercise, likewise for "radiology systems, subsystems and components" to be supplied to Army, Navy, Air Force, Marine Corps, and federal civilian agencies, through Jan. 31, 2015. 


Rich Smith has no position in any stocks mentioned, and neither does The Motley Fool. We Fools may not 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.

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