The Department of Defense awarded 14 separate defense contracts Wednesday, worth $2.25 billion in total. General Dynamics (NYSE:GD) didn't win the biggest of these contracts -- but its Gulfstream Aerospace subsidiary did win the second biggest.
Gulfstream's big win, an option exercise worth up to $102.1 million, hires the company to continue performing logistics support work on U.S. Air Force, Army, Navy, Marine Corps, and Coast Guard C-20 (militarized Gulfstream III) and C-37 (militarized Gulfstream V) transport aircraft through Jan. 31, 2015.
Additionally, General Dynamics' Advanced Information Systems division was awarded a $10.5 million contract modification to develop and produce multi-purpose processor cabinets and Total Ship Monitoring Systems for the U.S. submarine fleet. Work on this contract is now expected to continue through December 2015.
Separately, new Textron (NYSE:TXT) subsidiary Beechcraft won a $24.5 million firm-fixed-price and cost-reimbursable, indefinite-delivery/indefinite-quantity foreign military sales contract to train Iraqi aircraft maintenance crews in King Air 350 aircraft maintenance using standard commercial off-the-shelf King Air 350 Proline 21 avionics. This contract will be performed at New Al-Muthana Airbase in Iraq, and also in Wichita, Kan., and is expected to be completed by Dec. 31, 2015.