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FRPT 50M$ contract with US Army
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[QUOTE]Originally posted by Jo4321: [QB] The plot thickens..... Force Protection Offers to Double Blast-Resistant Truck Output 2007-06-07 10:15 (New York) By Edmond Lococo June 7 (Bloomberg) -- Force Protection Inc., a maker of mine-resistant trucks, has offered a plan to the U.S. military to double output during the next 18 months to speed delivery of the vehicles to troops in Iraq. The company offered to produce a total of 12,000 of the Mine Resistant Ambush Protected vehicles, or MRAPs, by the end of 2008 through a joint venture with General Dynamics Corp., Michael Aldrich, a vice president of Ladson, South Carolina-based Force Protection said in an interview today. Reaching the target would require boosting manufacturing to 800 vehicles a month, compared with current plans for 400, Aldrich said. U.S. forces suffered in May their deadliest month in Iraq since November 2004, and Defense Secretary Robert Gates said May 9 that faster acquisition of blast-resistant trucks is the Pentagon's top procurement priority. Force Protection has received the second-largest order for the trucks to date: a $481.4 million contract for 1,000 of the vehicles awarded in April. It produces the trucks through its joint venture with Falls Church, Virginia-based General Dynamics. The largest MRAP order so far went to Navistar International Corp. in Warrenville, Illinois, last month for $623 million to build 1,200 trucks. Force Protection won't raise output without additional military contracts, Aldrich said. ``It would be improper for a publicly traded company to ramp up on its own initiative and spend a lot of shareholder money possibly in the wrong direction,'' Aldrich said. U.S. Marine Corps spokesman Bill Johnson-Miles said he didn't immediately have information on the production plan. Shares of Force Protection gained $1, or 4.2 percent, to $25.12 at 10:04 a.m. in Nasdaq Stock Market composite trading. Before today, they had risen 39 percent so far this year. --Editor: Zahradnik [/QB][/QUOTE]
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