Vectrus, Inc. (VEC) Sinks After Losing Out on Army Kuwait Base Award
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Vectrus, Inc. (NYSE: VEC) is down 48% in early trade after the company announced late Thursday the government did not select the company's contract proposal to provide comprehensive support services for all U.S. Army facilities in Kuwait. Vectrus is the incumbent contractor providing these services, under the Kuwait Base Operations & Security Support Services (K-BOSSS) contract which currently runs through Dec. 28, 2016.
K-BOSSS, the largest contract in the Vectrus portfolio, has contributed $218 million in revenue through June 2016. Vectrus is reviewing the Army decision and will further determine the impact and the way ahead as they receive additional debriefing information.
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