Stewart & Stevenson receives $80 million FMTV contract modifications

Stewart & Stevenson Services Inc announced today that its subsidiary, Stewart & Stevenson Tactical Vehicle Systems, LP (TVS), has been awarded three contract modifications by the U.S. Army Tank-automotive and Armaments Command (TACOM) totaling more than $80 million for Family of Medium Tactical Vehicles (FMTV) trucks and trailers. "We are pleased to be awarded significant modifications under our current contract in order to meet the needs of TACOM," stated Michael L. Grimes, President and Chief Executive Officer. "The FMTV has an unparalleled history of superior reliability and off-road mobility."The contract modifications include a $42 million option that calls for the delivery of 44 HIMARS Launcher Chassis, 104 HIMARS Resupply Vehicles and 104 Resupply Trailers. Deliveries are scheduled to be completed by December 31, 2004.The Launcher chassis will be delivered to Lockheed Martin for completion of the weapon system vehicle. HIMARS is the newest member of the Multiple Launch Rocket System (MLRS) family. It is a highly mobile artillery rocket system offering the firepower of MLRS and the mobility and C-130 transportability of Stewart & Stevenson TVS's 5-ton FMTV, and early prototypes were first deployed in the recent Operation Iraqi Freedom. Resupply Vehicles and Trailers are to be delivered to the U.S. Army.An additional option for $32.8 million includes 183 FMTV trucks and 96 trailers. Variants include 2.5- and 5-ton cargo trucks, 5-ton tractors and 2.5- and 5-ton trailers. All will be for delivery to the Army.The third option for $5.8 million includes 30 MTV cargo trucks for the Army National Guard, 5 MTV cargo trucks and 3 tractors for the Army, and two M1090A1 dump trucks for the Air Force.All of the Stewart & Stevenson work will be performed at the company's production facility in Sealy, Texas.TVS recently was awarded the FMTV A1 Competitive Rebuy production contract, potentially worth more than $2 billion. The contract includes production that could reach nearly 11,000 FMTV trucks and trailers over five years, with an option for 12,000 additional vehicles.

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