British defense company BAE Systems Plc (BA.L) said Friday that the US Army has awarded the company a contract valued at as much as $780 million ove the next five years to continue producing explosives at the Holston Army Ammunition Plant in Tennessee.
Under the contract, the company received an initial $18.4 million order to produce additional quantities of IMX-101 - an insensitive munition that is approved by the Army as a safe and effective replacement for TNT in artillery rounds.
BAE Systems developed IMX-101 and fielded it in partnership with the Army at the Holston plant, which the company operates and manages for the government.
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