V2X Secures $747 Million Contract for Crucial F-5 Aircraft Maintenance, Boosting Navy Readiness

Rhea-AI Summary

V2X, Inc. (NYSE: VVX) has secured a $747 million contract for F-5 aircraft maintenance, important for training naval pilots in adversary combat tactics and simulation. This single award indefinite-delivery/indefinite-quantity contract emphasizes V2X's role in enhancing military readiness. The company will provide critical support for F-5 Adversary aircraft across multiple U.S. locations. The firm-fixed price contract is set to continue through November 2028, with three one-year options potentially extending it to November 2031. CEO Jeremy C. Wensinger expressed pride in V2X's selection for this vital project, reinforcing their commitment to national defense support.

Positive

• Secured a $747 million contract for F-5 aircraft maintenance
• Contract includes a base period through November 2028 with potential extensions to 2031
• Enhances V2X's position in supporting U.S. military readiness
• Expands V2X's operational footprint across multiple U.S. locations

Negative

• None.

News Market Reaction – VVX

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-0.79% News Effect

On the day this news was published, VVX declined 0.79%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

MCLEAN, Va., Aug. 26, 2024 /PRNewswire/ -- V2X, Inc. (NYSE: VVX) announces that it has been awarded a single award indefinite-delivery/indefinite-quantity contract valued at $747 million. The F-5 aircraft play a crucial role in training naval pilots by providing adversary combat tactics and simulation capabilities. This advanced training environment ensures that pilots are well-prepared for real-world scenarios, enhancing their combat readiness and proficiency. The use of F-5s in an aggressor-training role contributes significantly to the overall readiness of our armed forces, ensuring they are equipped with the skills and experience needed to protect the nation effectively.

This contract underscores V2X's commitment to supporting our nation's military readiness and ensuring the sustainability of these essential assets.

"We are honored to have been selected for this critical endeavor, further solidifying our dedication to providing industry leading support for our nation's defense," said Jeremy C. Wensinger, President and Chief Executive Officer at V2X. "We look forward to leveraging our expertise and capabilities to ensure the operational excellence of the F-5 aircraft and, by extension, the readiness of the U.S. Navy and Marine Corps."

V2X will be responsible for delivering critical support and operational readiness of the F-5 Adversary aircraft. The work will encompass multiple locations across the United States.

Under this firm-fixed price contract, the comprehensive scope of services is projected to continue through November 2028 on the base contract, with three one-year options that could extend through November 2031, bringing the overall contract value to more than $747 million.

About V2X

V2X builds innovative solutions that integrate physical and digital environments by aligning people, actions, and technology. V2X is embedded in all elements of a critical mission's lifecycle to enhance readiness, optimize resource management, and boost security. The company provides innovation spanning national security, defense, civilian, and international markets. With a global team of approximately 16,000 professionals, V2X enables mission success by injecting AI and machine learning capabilities to meet today's toughest challenges across all operational domains.

Media Contact
Angelica Spanos Deoudes
Director, Corporate Communications
Angelica.Deoudes@goV2X.com
571-338-5195

Investor Contact
Mike Smith, CFA
Vice President, Treasury, Corporate Development and Investor Relations
IR@goV2X.com
719-637-5773

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SOURCE V2X, Inc.

FAQ

What is the value of the F-5 aircraft maintenance contract awarded to V2X (VVX)?

V2X (VVX) has been awarded a $747 million contract for F-5 aircraft maintenance.

How long is the base period of the F-5 maintenance contract for V2X (VVX)?

The base contract period for V2X (VVX) extends through November 2028.

What is the potential total duration of the F-5 maintenance contract for V2X (VVX)?

The contract has three one-year options that could extend it through November 2031.

What type of contract did V2X (VVX) receive for F-5 aircraft maintenance?

V2X (VVX) received a single award indefinite-delivery/indefinite-quantity, firm-fixed price contract.