The Department of Defense has awarded contracts worth $133M combined to 3M (NYSE: MMM), O&M Halyward and Honeywell (NYSE: HON) to increase local production of N95 masks by over 39M in the next three months as part of the Defense Production Act Title 3 COVID-19 project.
3M will produce 78M additional N95 masks within six months and 13M more units per month by June under a $76M contract, Lt. Col. Mike Andrews, a spokesman for DoD, said in a statement published Tuesday.
O&M Halyward received a $29M contract to produce within six months 25M units and 12.5M masks per month after as well as complete their N95 order from the Department of Health and Human Services within a year.
Honeywell secured a $27.4M contract to make 38M additional masks within six months and 12M more every month after as well as finish their N95 order from HHS within 10 months.
The companies will also speed up and expand production capacity at their respective manufacturing facilities.