General Dynamics on the hook for up to $453 million for terminated Portugal contract (BizJournals)
Portugal’s decision to terminate an armored vehicles contract with General Dynamics Corporation (NYSE:GD) could cost the company upward of half a billion dollars in closeout costs if arbitration efforts fail. The Portuguese Ministry of National Defense told Falls Church-based General Dynamics Corporation (NYSE:GD) this past fall that it would terminate a contract for 260 Pandur armored vehicles because of an alleged breach of contract, though details about the allegations were not revealed. General Dynamics Corporation (NYSE:GD) estimated that the costs to close out the contract would be $258 during 2012, according to a filing with the Securities and Exchange Commission. The company reserved the receivables and inventory on its books and accrued the estimate to satisfy the remaining obligations, but is currently in arbitration with Portugal.
DHHS renews contract for General Dynamics call center in Chesterfield County (WashingtonPost)
General Dynamics Corporation (NYSE:GD) Information Technology’s call center in Chesterfield County will continue to handle consumer inquiries for the U.S. Department of Health & Human Services. U.S. Rep. Randy Forbes says the department’s Centers for Medicare & Medicaid Services awarded a 10-year operations contract to the company. Forbes said Tuesday in a statement that the call center will handle consumer inquiries about programs such as the Health Insurance Marketplace and the Medicare Modernization Act. The call center employs about 1,000 workers.
Northrop Grumman wins $14M option to finalize IED protection system (WashingtonTechnology)
Northrop Grumman Corporation (NYSE:NOC) has won a $14.1 million option with the Navy to complete the development of the Joint Counter Radio-Controlled Electronic Warfare system, or JCREW. Specifically, the company will develop the system’s Increment 1, Block 1 system of systems. JCREW is a next-generation system to protect warfighters, vehicles, watercraft and permanent structures from remote-controlled improvised explosive devices, the company said in a release.
San Diego School Boards Association Names Northrop Grumman Community Partner of the Year (4-Traders)
The San Diego County School Boards Association’s “Honoring Our Own” program has named Northrop Grumman Corporation (NYSE:NOC) as its 2013 Community Partner of the Year. This award is given to a contributor located in the San Diego County school district that has demonstrated exemplary support for its local schools and contributes significant and valuable resources such as time and financial support. Northrop Grumman Corporation (NYSE:NOC) supports educational programs that focus on science, technology, engineering and math to inspire students to become the next generation of scientists, engineers and technicians.
