Survivability equipment manufacturer Force Protection Inc. (FRPT) Friday said it obtained a $7.2 million contract from the United States Marine Corps for the supply of five reduced-weight Cougar vehicles.
The light weight Cougar vehicles will be developed with highly sophisticated design and technology, which were developed as part of the company's Cheetah platform.
The Marine Corps is currently in requirement of defense vehicles that provide higher mobility and maneuverability while maintaining survivability, allowing flexible usage of the increased payload and power to carry additional operation equipment and exterior armor solutions.
Damon Walsh, Executive Vice President for Customer Operations, Force Protection said, "The evolution of the Cougar vehicle is consistent with our drive to transform the company going forward. As the program's requirements have evolved we have been right there all along the way."
FRPT is currently trading at $3.99, down $0.18 or 4.32%, on a volume of about 310 thousand shares.
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