Friday, ITT Corporation (ITT) said it has received a $1 billion contract from the U.S. Naval Sea Systems Command, for its CREW 2.1, a vehicle-mounted system that can prevent the detonation of improvised explosive. Under the contract, ITT would build and deliver up to 15,000 additional CREW 2.1 devices, plus spares and related equipment.
The defense contractor said it would build 2,900 devices, plus spares and related equipment, valued at $187 million, for delivery in 2008 and 2009. The pact could be worth up to $1 billion for the delivery of 15,000 devices over the lifetime of the contract.
The company noted that the counter-IED devices would be mounted on various armored vehicles, and other military transport equipment, and deployed to current military operations in Iraq and Afghanistan.
ITT is currently trading up 1.93% at $68.03 on the New York Stock Exchange.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.