Teledyne Technologies Incorporated (NYSE:TDY) shares were trading in a tight range in early Thursday trading as investors reacted to a major defense contract announcement.
The company's defense division secured a key U.S. Army agreement to equip foreign military vehicles with advanced systems.
Teledyne's subsidiary will supply electro-optical and radar technology for Stryker Reconnaissance Kits under a multi-year deal worth up to $32 million.
Contract Details
Under the terms of the award, the U.S. Army Contracting Command at Aberdeen Proving Ground, Md., will manage deliveries.
The systems are headed to Bulgaria as part of a Foreign Military Sales arrangement to help modernize its armed forces.
Teledyne FLIR Defense will install thermal imaging and long-range radar sensors on Bulgarian Stryker infantry carrier vehicles.
The gear includes TacFLIR 280 HDEP EO/IR imaging, Ranger R20SS radar, and Cameleon control software for precise surveillance and targeting.
Officials said subsequent steps in the modernization effort will bring unmanned aerial systems and launch units to the fleet.
Teledyne's nuclear, biological and chemical detection sensors will also help Bulgarian forces identify threats from a distance.
Strategic Importance
"This initiative will help a key NATO ally upgrade its force capabilities, boost interoperability within NATO, and improve situational awareness," said JihFen Lei, president of Teledyne FLIR Defense and senior vice president of Teledyne Technologies. "We are proud to support this U.S. Army-led effort."
According to Benzinga Pro, TDY stock has gained over 19% in the past year. Investors can gain exposure to the stock via Virtus KAR Mid-Cap ETF (NYSE:KMID).
TDY Price Action: Teledyne Technologies shares were up 0.88% at $567.50 during premarket trading on Thursday, according to Benzinga Pro data.
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