Join        Login             Stock Quote

General Dynamics (GD) Receives Contract For Abrams Tank Production

 January 08, 2013 02:14 PM

(By Balaseshan) General Dynamics Corp. (NYSE: GD), an aerospace and defense company, said its business unit has received a contract worth $132.7 million for Abrams tank production.

General Dynamics Land Systems has been awarded $132.7 million for the procurement and production of 69 Saudi M1A2 (M1A2S) Abrams tanks for the Kingdom of Saudi Arabia. This work is part of a plan by the Kingdom of Saudi Arabia to upgrade its fleet of tanks.

The Foreign Military Sales contract was awarded by the U.S. Army TACOM Life Cycle Management Command for the Royal Saudi Land Forces.

This contract extends work started in 2008 to update M1A1 and M1A2 tanks to the M1A2S configuration for the Kingdom of Saudi Arabia. The M1A2S conversion increases the efficiency and capability of the tank.

[Related -Northrop Grumman Corporation: How Defense Budget Will Fare In 2014?]

The work will be performed by current employees at the Joint Systems Manufacturing Center in Lima, Ohio, with an estimated completion date of July 31, 2014.

On January 4, General Dynamics Electric Boat was awarded three U.S. Navy contracts totaling $4.6 billion to design and develop the next-generation strategic deterrent submarine, and to continue construction and purchasing of materials for Virginia-class attack submarines.

In addition, General Dynamics Canada has been awarded a C$32 million contract by Northrop Grumman Corp. (NYSE: NOC) for key communications network technology for the NATO Alliance Ground Surveillance (AGS) program.

[Related -Lockheed Martin Corporation (NYSE:LMT): How A Small Budget Deal Impacts Defense Contractors?]

GD is trading down 1.85% at $70.53 on Tuesday. The stock has been trading between $61.09 and $74.54 for the past 52 weeks.

iOnTheMarket Premium


Post Comment -- Login is required to post message
Alert for new comments:
Your email:
Your Website:

rss feed

Latest Stories

article imageEmerging-Markets Stocks Took The Lead Last Week

Emerging-markets equities enjoyed a solid rise last week among the major asset classes, based on a set of read on...

article imageDoes Your Latest Investment Pass This Test?

On Wednesday, I sounded the alarm about the problems looming for some consumer staples stocks. In short, read on...

article imageIs The Slump In US Manufacturing Easing?

Yesterday’s November survey data from the Philadelphia Fed hints at the possibility that a stronger trend read on...

article imageMarket Potentially Facing Near Term Technical Headwinds

After the S&P 500 Index pullback on Thursday and Friday last week, the market's advance on Monday and read on...

Popular Articles

Daily Sector Scan
Partner Center

Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.