Non-Defense-Company Winners of Pentagon Contracts
Many of the contracts awarded by the Department of Defense on Friday went to companies less commonly associated with the military. Among these non-traditional winners were Great Lakes Dredge & Dock, Timken, Verizon, and Phillips 66.
Many of the contracts awarded in the Department of Defense’s Friday evening awards announcement went to companies less commonly associated with the military. Here are a few of these non-traditional winners:
Great Lakes Dredge & Dock (Nasdaq: GLDD) won a $25.4 million firm-fixed-price contract to dredge the main channel of the Delaware River near Philadelphia for the U.S. Army Corps of Engineers. This work should be completed by March 31, 2015.
Timken | TKR Price Prediction (NYSE: TKR) was awarded a $14 million contract modification to supply main reduction gear assemblies for U.S. Navy DDG 51-class guided missile destroyers. The main reduction gear is the set of gears that transmits power from two main propulsion power turbines to the destroyer’s propulsion shaft. Each DDG 51-class destroyer has two gear sets, one for each propulsion shaft. Timken is expected to deliver these assemblies by May 2016.
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- Verizon (NYSE: VZ) won a $10.6 million firm-fixed-price contract to provide Priority Telecommunication Service to the Department of Homeland Security’s Office of Emergency Communications. This contract is expected to expire by March 31, 2015, but may be extended by as many as nine one-year option periods. If all of the options are exercised, the total cumulative contract value may rise as high as $81 million.
- Phillips 66 (NYSE: PSX) won two contracts: a contract to deliver as much as $9.4 million worth of fuel to Altus Air Force Base in Oklahoma through Aug. 31, 2014; and a separate contract to deliver up to $7.2 million worth of fuel to Tinker Air Force Base, also in Oklahoma, and also through Aug. 31, 2014.
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Sarah Burns is an editor and writer at 24/7 Wall St. She previously worked at AOL and MSN. She began her career in book publishing at Viking Press/Penguin Books and has been writing and editing general and financial news stories for the last 15 years.
In addition to 24/7 Wall St. and 24/7 Tempo, her stories have appeared in USA Today, MSN, MarketWatch, Business Insider, and Yahoo Finance.
Sarah has edited numerous travel and garden books. She teaches urban farming in New York City public schools and is an instructor at the New York Botanical Garden. She graduated from Bowdoin College in Maine with a bachelor’s degree in English. She is based in New York City.