ITT Corporation (NYSE:ITT) won a contract from the Federal Aviation Administration (FAA) to lead a team of aviation industry companies to support the development of FAA’s Next Generation Air Transportation System (NextGen) initiative to modernize the U.S. national airspace system.
According to the firm, “the contract, titled System Engineering 2020 (SE2020), has a ceiling value with all options exercised of $1.4 billion, and a five-year base period of performance with option periods that can extend the contract to a total of 10 years.”
“Our expertise as a world-class enterprise solutions provider, combined with an outstanding performance track record, solidifies ITT’s position as a key partner with the FAA at the forefront of global air traffic management harmonization, ” said Mike Wilson, president of ITT’s Information Systems business. “Enhancing safety and efficiency in the national air space system is of critical importance as we undertake this landmark endeavor for the FAA.”
