Textron Gets $314M Modification on Navy Air Cushion Vehicle Material Procurement Contract

Textron (NYSE: TXT) will obtain additional materials needed to build landing craft air cushion vehicles under a five-year, $314.3M contract modification from the U.S. Navy.

The company will use the funds to acquire long lead time components for LCAC class crafts 109 through 123 and to continue pre-fabrication work on crafts 109 to 112, the Department of Defense said Friday.

Work under the modification is projected to run through July 2023.

The Navy will obligate $235.7M in fiscal2017, 2018 and 2019 shipbuilding and conversion funds at the time of award.

LCACs are designed to have a service life of up to three decades.

Textron received a $174M modification in March 2016 to build LCACs 104 through 108 under the military branch’s Ship to Shore Connector program, which aims to land surface assault elements that can operate with amphibious ships and mobile landing platforms.

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