V2X to help ready U.S. Navy air defense

Rhea-AI Summary

V2X (NYSE: VVX) has secured a $440 million contract with the U.S. Navy to provide maintenance support for Naval Test Wing Pacific (NTWP) at Point Mugu and China Lake, CA. This seven-year contract, which extends to March 2030, involves flightline maintenance, logistics, and technical support for squads VX-30 and VX-31. V2X CEO Chuck Prow emphasized the company's commitment to mission readiness and its established history in supporting Naval Aviation. This contract aligns with NAVAIR’s goals for developing and sustaining advanced capabilities for the Navy.

Positive

• Awarded a $440 million contract with the U.S. Navy, enhancing revenue prospects.
• Seven-year contract period until March 2030, ensuring long-term business stability.
• Continued commitment to mission readiness and established history in Naval Aviation support.

Negative

• None.

V2X awarded O-level maintenance contract for Naval Test Wing Pacific

MCLEAN, Va., April 5, 2023 /PRNewswire/ -- Vertex, a V2X company (NYSE: VVX), was awarded a $440 million contract by the U.S. Navy to provide aircraft maintenance support for Naval Test Wing Pacific (NTWP) VX-30 and VX-31 at Point Mugu, CA and China Lake, CA. Under this contract, V2X, under its legacy company Vertex, is the chosen provider of flightline maintenance, logistics, and technical support for the two weapons development and test squadrons. This important mission complements NAVAIR's efforts to develop, test and sustain the Navy's most current suite of capabilities.

"V2X is honored to be selected to support the critical test and evaluation activities performed at Naval Test Wing Pacific," said Chuck Prow, V2X CEO. "Our established history  and record of performance providing maintenance, repair, overhaul and technical support for a variety of Naval Aviation platforms demonstrate our commitment to maintaining high levels of mission readiness."

NTWP provides safe, effective, and efficient ground and flight test, airborne flight test support, and experimental operations of manned and unmanned aircraft, weapons, and weapons systems for the Department of the Navy.

This contract has a seven-year award period ending in March 2030.

ABOUT V2X

V2X is a leading provider of critical mission solutions and support to defense clients globally, formed by the 2022 Merger of Vectrus and Vertex to build on more than 120 combined years of successful mission support. The Company delivers a comprehensive suite of integrated solutions across the operations and logistics, aerospace, training, and technology markets to national security, defense, civilian and international clients. Our global team of approximately 15,000 employees brings innovation to every point in the mission lifecycle, from preparation to operations to sustainment, as it tackles the most complex challenges with agility, grit, and dedication.

For Media Inquiries:
Jackie Hampton
Media Director
Jacqueline.hampton@kglobal.com
443-814-0693

For Investors:
V2X, Inc.
Mike Smith, CFA
719-637-5773
michael.smith@vectrus.com

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SOURCE V2X, Inc.

FAQ

What is the value of V2X's new contract with the U.S. Navy?

V2X has been awarded a $440 million contract to provide maintenance support for the U.S. Navy.

How long is the V2X contract with the U.S. Navy?

The contract has a duration of seven years, ending in March 2030.

Which divisions of the U.S. Navy will V2X be supporting?

V2X will support the Naval Test Wing Pacific, specifically squads VX-30 and VX-31.

What services will V2X provide under the new contract?

V2X will provide flightline maintenance, logistics, and technical support.

When was the contract awarded to V2X?

The contract was awarded on April 5, 2023.

What is V2X's stock symbol?

V2X is traded on the NYSE under the symbol VVX.