L3Harris Technologies Awarded Systems Integration Contract for US Navy Frigate Program

Rhea-AI Summary

L3Harris Technologies (NYSE:LHX) has secured a contract with Fincantieri Marinette Marine for integrating and producing major subsystems on the U.S. Navy’s guided-missile frigate FFG 62. The potential contract value could exceed $300 million as the Navy plans to build at least 10 ships. L3Harris will deliver integrated systems including electric and propulsion systems, bridge and navigation systems, and aviation integration services. This project highlights L3Harris's commitment to advancing U.S. Navy capabilities and maritime security.

Positive

• Contract awarded by Fincantieri Marinette Marine represents a secure revenue opportunity with a value exceeding $300 million.
• L3Harris will provide essential integrated systems for the FFG 62, enhancing naval capabilities.
• Opportunity to support the building of at least 10 guided-missile frigates, indicating growth potential.

Negative

• None.

L3Harris Technologies (NYSE:LHX) has been awarded a contract by Fincantieri Marinette Marine for the shipboard integration and production of major subsystems onboard the U.S. Navy’s guided-missile frigate FFG 62. L3Harris is prepared to support the Navy’s plans to build at least 10 ships. The value of the L3Harris program could exceed $300 million if all design, development, and production options are awarded.

L3Harris is the largest member of the Fincantieri FFG team and will provide integrated systems that include the electric and propulsion systems, bridge and navigation systems, and aviation integration services. (Photo: Business Wire)

L3Harris is the largest member of the Fincantieri FFG team and will provide integrated systems that include the electric and propulsion systems, bridge and navigation systems, and aviation integration services. The diversified capabilities that L3Harris delivers on the Constellation-class Frigate program will distribute the power and propulsion needed to meet the U.S. Navy’s mission requirements throughout the world.

"We're excited by the opportunity to join the Fincantieri Marinette Marine team on the Frigate program and we look forward to bringing to bear industry-best speed, innovation and affordability as we deliver the advanced integrated capabilities that will ensure the Navy's ability to operate this ship with impunity upon any sea," said Sean Stackley, President, Integrated Mission Systems, L3Harris.

The Navy recently awarded a contract to Fincantieri to design and build the FFG, the Navy’s first new build in more than a decade. L3Harris will support Fincantieri at its Marinette, Wisconsin shipyard, where it will build the frigate based on the company’s Italian FREMM multi-mission frigate.

About L3Harris Technologies

L3Harris Technologies is an agile global aerospace and defense technology innovator, delivering end-to-end solutions that meet customers’ mission-critical needs. The company provides advanced defense and commercial technologies across air, land, sea, space and cyber domains. L3Harris has approximately $18 billion in annual revenue and 48,000 employees, with customers in more than 100 countries. L3Harris.com.

Forward-Looking Statements

This press release contains forward-looking statements that reflect management's current expectations, assumptions and estimates of future performance and economic conditions. Such statements are made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The company cautions investors that any forward-looking statements are subject to risks and uncertainties that may cause actual results and future trends to differ materially from those matters expressed in or implied by such forward-looking statements. Statements about the value or expected value of orders, contracts or programs and about system capabilities are forward-looking and involve risks and uncertainties. L3Harris disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210208005084/en/

FAQ

What contract did L3Harris Technologies recently secure?

L3Harris Technologies secured a contract with Fincantieri Marinette Marine for the integration and production of subsystems on the U.S. Navy’s guided-missile frigate FFG 62.

What is the potential value of the contract for L3Harris Technologies?

The potential value of the contract could exceed $300 million if all options are awarded.

How many ships will L3Harris support under the contract?

L3Harris is prepared to support the U.S. Navy's plans to build at least 10 ships.

What systems will L3Harris provide under the FFG 62 contract?

L3Harris will provide integrated systems, including electric and propulsion systems, bridge and navigation systems, and aviation integration services.

Which company awarded the contract to L3Harris Technologies?

The contract was awarded by Fincantieri Marinette Marine.