EDO Corporation receives U.S. Navy contract valued up to $50 million.EDO Corporation EDO Corporation (NYSE: EDO) is an American company that designs and manufactures products for defense, intelligence, and commercial markets, and provides related engineering and professional services. It employs 4,000 people worldwide and had revenues of $715 million in 2006. (NYSE NYSESee: New York Stock Exchange :EDO Edo: see Tokyo, Japan. ) announced recently the receipt of an IDIQ IDIQ Indefinite Delivery, Indefinite Quantity (contracting/procurement) (Indefinite Delivery, Indefinite Quantity Noun 1. indefinite quantity - an estimated quantity quantity, measure, amount - how much there is or how many there are of something that you can quantify ) contract for the production of Cluster Snoop Systems and spares from the U.S. Navy. The initial Delivery Order is for twelve systems and sets of spares, valued in excess of $20 million, with initial funding in excess of $16.5 million. Total potential value of all supplies and services that could be ordered under the contract approximates $50 million over a five-year period. EDO Reconnaissance and Surveillance Systems, which completed the acquisition of certain assets of Condor Systems, Inc. on July 26th, will perform the work at its Morgan Hill, Calif., facilities. "This contract award underscores our belief in our customers' confidence in our acquisition of the assets of Condor Systems, Inc.," said James M. Smith, Chairman and Chief Executive Officer of EDO Corporation. "We reiterate our commitment to provide quality products and services to the reconnaissance and surveillance community." EDO Corporation supplies highly engineered products for governments and industry worldwide, including advanced electronic, electromechanical The use of electricity to run moving parts. Disk drives, printers and motors are examples. Electromechanical systems must be designed for the eventual deterioration of moving components that wear over time. The first TVs were electromechanical systems (see video/TV history). and information systems and engineered materials critical to the mission success of its customers. The Company's Defense Segment provides integrated front-line war fighting systems, including radar countermeasure systems, reconnaissance and surveillance systems, aircraft weapons suspension and release systems, airborne mine countermeasures systems, and integrated combat systems and sonar systems and professional, operational, technical and information technology services. EDO's Communications and Space Products Segment addresses the needs of the remote sensing, communication, navigation, and electronic warfare industries with ultra-miniature electronics and systems and a broad line of antennas. The Company's Engineered Materials Segment supplies piezoelectric The property of certain crystals that causes them to produce voltage when a mechanical pressure is applied to them such as sound vibrations. This technique is used to build crystal microphones, phonograph cartridges and strain gauges, all of which turn mechanical movement into voltage. and advanced composites for the communication, navigation, chemical, petrochemical, paper and oil industries, for civilian infrastructure and military applications. |
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