SOURCE: DRS Technologies

DRS Technologies

December 06, 2011 10:41 ET

DRS Technologies Awarded $691 Million IDIQ Contract From Lockheed Martin for U.S. Navy Submarine Technology Upgrade

PARSIPPANY, NJ--(Marketwire - Dec 6, 2011) - DRS Technologies, Inc., A Finmeccanica Company, announced that its DRS Laurel Technologies business unit, a subcontractor to Lockheed Martin, received an award for a U.S. Navy Submarine Technology Insertion Hardware (TIH) contract that will provide submarine combat and sonar systems designed around commercially available hardware and software.

DRS has been awarded a five year indefinite delivery/indefinite quantity contract with a ceiling value of $691 million from Lockheed Martin to provide the production hardware.

"We have worked very closely with the Lockheed Martin team to meet a very aggressive schedule for the production hardware to support the U.S. Navy's TIH Upgrade," says Patrick Marion, vice president and general manager of DRS Laurel Technologies.

"These new TIH production units will continue our long term relationship with Lockheed Martin and provide high quality products in support of Lockheed Martin programs around the world," Marion added.

The Navy's Technology Insertion Hardware program includes design, development and production of hardware for the next two submarine technology insertions planned for Seawolf, SSGN, 688/688i, Virginia Class, and future submarine systems and platforms. The U.S. Navy will provide the Royal Australian Navy with similar technology insertions for the Collins Class submarines through the Foreign Military Sales program.

DRS Technologies, headquartered in Parsippany, NJ, is a leading supplier of integrated products, services and support to military forces, intelligence agencies and prime contractors worldwide. The company is a wholly owned subsidiary of Finmeccanica S.p.A. (FNC.MI) which employs more than 71,000 people worldwide. For more information about DRS Technologies, please visit the company's website at www.drs.com.

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