VSE Corp. (VSEC) Announces $37.5 Million in New Federal and Defense Contract Awards

April 20, 2021 8:06 AM EDT

Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here.

VSE Corporation (NASDAQ: VSEC), a leading provider of aftermarket distribution and maintenance, repair and overhaul (MRO) services for land, sea and air transportation assets supporting government and commercial markets, today announced approximately $37.5 million in combined new contract awards with the United States Air Force and a U.S. Government foreign ally. Activity under both contracts is expected to commence during second quarter 2021.

The contract awards are as follows:

  • A three-year task order award under the United States Air Force (USAF) Contract Field Teams (CFT) program. As stipulated within the task order, VSE will provide corrosion control treatment, prevention and repair maintenance on the E-2D Advanced Hawkeye aircraft and associated support equipment. VSE will support the VAW-120 Fleet Replacement Squadron attached to the Airborne Command & Control and Logistics Wing at Naval Station Norfolk, Virginia.
  • A contract award to provide maintenance, repair and overhaul (MRO) services for more than one hundred Family of Medium Tactical Vehicles (FMTV) and FMTV companion trailers for a U.S. Government foreign ally for approximately one year. This work will be performed at VSE’s Vehicle MRO facility in Texarkana, Arkansas.

“These contract awards reflect the continued execution of our Federal & Defense Services’ vehicle and aviation MRO strategy introduced last year, one that emphasizes multi-year growth in higher-margin segment backlog,” stated John Cuomo, President and CEO of VSE Corporation. “We continue to pursue new niche MRO opportunities with U.S. and allied foreign militaries as we leverage our technical expertise and proven project management capabilities.”

“We remain focused on growing our MRO capabilities through a combination of both organic and inorganic growth, while pursuing less commoditized, higher-margin opportunities,” stated Robert Moore, Federal & Defense Services Group President. “We are honored to have been selected for these awards following competitive bidding processes. We look forward to providing our customers with world-class, on-demand MRO support to ensure continued operational readiness of their mission-critical assets.”

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In

Related Categories

Corporate News