According to an AP report, Griffon Corp. said the company's electronic information and communication systems unit won a $42m spare parts contract from Lockheed Martin (LMT)
and an $11.2m award from SRCTec Inc.
Lockheed Martin Systems Integration awarded the spares contract, which is valued at more than $42m, to the radar systems division of Griffon's Telephonics Corp.
The new contract includes the delivery of spare components for a multimode radar system to support the U.S. Navy's MH-60R "Sea Hawk" helicopters.
The contract, which modifies a previously awarded $318m multiyear production deal, brings the total contract value to more than $361m.
SRCTec Inc., a high-tech manufacturer owned by not-for-profit Syracuse Research Corp.
, has also awarded Telephonics $11.2m for work on products to counter improvised explosive devices. The award includes options for additional systems.
Syracuse Research Corp. is a nonprofit research and development company that focuses on defense, environment, and intelligence. [Source: AP]