ITT Exelis (XLS) Completes First Overhaul of Mine-Sweeping System for U.S. Navy

March 12, 2012 8:37 AM EDT
ITT Exelis (NYSE: XLS) has completed its first overhaul of a mine-sweeping system for the U.S. Navy. In 2009, the Naval Surface Warfare Center in Panama City, Fla., awarded this sole-source indefinite delivery/indefinite quantity (IDIQ) contract, which has a potential value of $49 million.

The refurbishment extends the life of this MK-105 Mod 4 Airborne Mine Countermeasure Influence Sweep unit for another 10 years. As a result of the system overhaul, the Navy will be able to respond quicker to current and future sea mine threats.

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