AeroVironment, Inc. (NASDAQ:AVAV) today announced the receipt of a $4.3 million cost plus fixed fee award and $7.1 million option on September 25, 2014 for Switchblade® tactical missile system support services from the United States Army Close Combat Weapons Systems office. The award increased the funded value of an existing contract for Switchblade tactical missile systems to $63.8 million. In addition, options totaling $38.3M increased the total contract ceiling to $102.1 million.
The award and option provided for the continuation of services to support American forces through training, refurbishments and project management support.
"Switchblade is a game changing capability that continues to protect American troops and give them major advantages on the battlefield," said Roy Minson, AeroVironment senior vice president and general manager of its Unmanned Aircraft Systems business segment. "Switchblade enables our forces to work within the rules of engagement to neutralize lethal threats through its unique portability, precision, rapid deployment and collateral damage avoidance capabilities."
"Wherever our troops operate, they deserve to be equipped with the most effective, practical tools that protect and empower them. Switchblade has proven itself up to the task," he added.
ATK is a key contributor supporting AeroVironment on the Switchblade program. ATK is an aerospace, defense and outdoor sports and recreation company with operations in 21 states, Puerto Rico and internationally.
Source: AeroVironment, Inc.
Date: Dec 4, 2014