May 27, 2022
Loading...
You are here:  Home  >  Banking & Finance  >  Current Article

Teledyne secures Navy contract worth up to $39M

IN THIS ARTICLE

Thousand Oaks-based Teledyne Technologies announced July 19 that its subsidiary, Teledyne Brown Engineering, was awarded a U.S. Navy contract for underwater drones worth as much as $39.2 million.

The contract has a maximum base value of $27.4 million over five years, with five one-year option periods and a maximum value of $39.2 million if all five options are exercised.

Under the contract, Teledyne will supply the Navy with its Slocum gliders, which are sensor-equipped underwater autonomous vehicles that support antisubmarine warfare, mine countermeasures and other Naval missions.

Teledyne Brown Engineering and another Teledyne subsidiary, Teledyne Webb Research, will design, develop, produce, test and support the systems for the Navy. Under a previous contract awarded in 2009, Teledyne delivered 203 gliders to the Navy.

Teledyne shares opened at $427.23 on July 19 and had dropped below $419 by midday, during a day of widespread decline in U.S. stock markets.