DRS Technologies, Inc. (NYSE: DRS) announced today that during its fiscal 2008 third quarter it received two contracts totaling approximately $69 million from BAE Systems’ Plc, (LSE: BA.L) U.S. subsidiary, BAE Systems, Inc., to manufacture, test and deliver Improved Bradley Acquisition Systems (IBAS) for U.S. Army M2A3 Bradley Fighting Vehicles. To date, DRS has received approximately $180 million in contracts from BAE to support these systems aboard the Bradley vehicle.
One contract was for approximately $23 million and the second was for approximately $45 million. The manufacturing and product deliveries have already begun and are being accomplished by the company’s DRS Sensors & Targeting Systems unit – Optronics Division in Melbourne, Florida. Final deliveries are scheduled to occur in November 2009.
The IBAS provides target acquisition, tracking and engagement, and fire control for the Bradley vehicle’s tube-launched, optically tracked, wire-guided (TOW) missile system, as well as its 25- and 7.65-millimeter weapon systems. Using second-generation forward looking infrared technology and eye-safe laser rangefinder capabilities, the system enables the vehicle’s commander and gunners to detect, identify and acquire targets at greater ranges thus maximizing the effectiveness of the vehicle’s weapons. As a result, these systems give warfighters major battlefield advantages at night and in visually obscured environments.
“We’re pleased that BAE has placed its trust in DRS to produce a component so critical to maintaining our military’s superiority,” said James M. Baird, president of DRS’ Reconnaissance Surveillance & Target Acquisition (RSTA) business segment. “The Bradley is clearly one of the Army’s most important vehicles and it’s an honor to be a premier supplier of technology to enhance its performance.”
The RSTA business segment develops, manufactures and supports electro-optical technologies, including advanced cooled and uncooled thermal-imaging solutions for soldier systems, ground vehicle, airborne, and maritime as well as for industrial, security, public safety and firefighting applications.
DRS Technologies, headquartered in Parsippany, New Jersey, is a leading supplier of integrated products, services and support to military forces, intelligence agencies and prime contractors worldwide. The company employs approximately 10,000 people. For more information about DRS Technologies, please visit the company’s web site at www.drs.com.
Contacts:
Richard M. Goldberg, 973-451-3584
Vice
President, Public Affairs
goldberg@drs.com
or
Patricia
M. Williamson, 973-898-6025
Vice President, Investor Relations
p.williamson@drs.com
