Archive: Business/Financial

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Northrop Grumman Gets Air Force Training Contract Worth Up To $20.9 Billion

Northrop Grumman [NOC] was awarded a position on the Training Systems Acquisition III (TSA III) indefinite-delivery/indefinite-quantity contract position by the Air Force, the company said Thursday. Northrop Grumman and Raytheon [RTN] are two of 12 prime contractors set to compete in multiple order bids to support warfighter training systems at international Air Force operating locations [...]

The launch of an AIM-9X-2 Sidewinder Missile. Photo: Raytheon.

Raytheon Successfully Test Fires AIM-9X Block II Missile From Ground Launcher

Raytheon [RTN] and the U.S. Army recently successfully test fired an AIM-9X Block II missile from the military’s ground-based Indirect Fire Protection Capability Increment 2-I (IFPC 2-I) Block 1 Multi-Mission Launcher (MML), the company said Wednesday. The AIM-9X is normally an air-to-air missile, fired from an aircraft to aerial targets. However, this latest test shows [...]

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Air Force Awards Raytheon Training Contract Worth Up To $20.9 Billion

Raytheon [RTN] was awarded by the U.S. Air Force as a prime contractor on the Training Systems Acquisition III (TSA III) contract, worth upwards of $20.9 billion over 10 years if all options are chosen. Under the Air Force Life Cycle Management Center contract selection, Raytheon is to compete in multiple order bids to provide [...]

Court Says FTC Can Enforce Cyber Actions on Companies

The United States Court of Appeals for the Third Circuit Monday found the Federal Trade Commission has the authority to bring enforcement actions against companies like Wyndham Worldwide Corporation [WYN] for inadequate consumer cybersecurity precautions. The FTC filed suit against the company in 2012, alleging it conducted in an unfair practice with a deceptive privacy [...]

The Lockheed Martin High Power Microcryocooler unveiled on Aug. 25.
Photo: Lockheed Martin.

Lockheed Martin Unveils Smaller, More Efficient Satellite Cooling System

Lockheed Martin [LMT] unveiled a new satellite cooling system that has three times the power density as previous systems, the company said Tuesday. Sophisticated satellite cameras and sensors need to be cooled to detect what they are intended to capture, as low as -320 F (-195 C). The new system cools electronics down that low. [...]

Some of the work that Kratos retains following the sale of a portion of its electronics business include beam forming modules shown above. Photo: Kratos

Kratos Completes Sale Of Electronics Division Units To Ultra

Kratos Defense & Security Systems [KTOS] on Monday said it has completed the sale of its United States and United Kingdom operations of its Electronic Products Division to Britain’s Ultra Electronics Holdings plc for $260 million in cash. Terms of the deal include upward of an additional $5 million in consideration for taxes incurred as [...]

Sparton President and  CEO Cary Wood. Photo: Sparton Corp.

Sparton Corp. To Pay L-3 $2.5 Million To End Litigation

Sparton Corp. [SPA] on Monday said it has agreed to pay L-3 Communications [LLL] $2.5 million related to a lawsuit L-3 filed in Sept. 2013 over a breach of contract. The settlement requires Sparton to pay L-3 by Oct. 1 in consideration for dismissal of the litigation with neither party admitting to mistakes, damage or [...]

USIS

USIS Agrees to Forego At Least $30 Million Owed By OPM In Settlement

Background investigation firm U.S. Investigation Services Inc. (USIS) and its parent company, Altegrity Inc., agreed to a settlement with the Justice Department whereby  the company forgoes at least $30 million owed by the U.S. Office of Personnel Management (OPM), the Justice Department announced Wednesday. The settlement is tied to allegations USIS violated the False Claims [...]

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NASA Extends Raytheon Contract For Spaceflight Support Facilities

The NASA Johnson Space Center awarded Raytheon [RTN] a contract extension worth upward of $102 million to continue to provide operations, maintenance, and engineering services for up to four years at facilities supporting human spaceflight. Raytheon will continue to provide the services at NASA’s neutral Buoyancy lab (NBL) and Space Vehicle Mockup Facility (SVMF). The [...]

Former Army Chief of Staff Gen. Ray Odierno. Photo: Army.

Odierno Appointed Senior Adviser At JP Morgan Chase

JP Morgan Chase & Co. [JPM] announced former Chief of Staff of the Army Gen. Raymond Odierno was appointed to a senior advisory position effective Sept. 1, the company said Thursday. Odierno retired from military service on Aug. 14, after serving as Chief of Staff of the Army since September 2011. He is to provide [...]