New Orleans, LA - September 15, 2008 - Textron Marine & Land Systems, an operating unit of Textron Systems, a Textron Inc. (NYSE: TXT) company, has been awarded $313 million in contract modifications by the U.S. Army Tank-Automotive & Armaments Command (TACOM) to manufacture 424 additional M1117 Armored Security Vehicles (ASV) and 10 ASV variants for the M1200 Armored Knight program.
"Our customer has again chosen the ASV to protect soldiers," said Tom Walmsley, general manager, Textron Marine & Land Systems. "Our partnership with TACOM has allowed these vehicles to be delivered with the latest fragmentation protection kits, improving the system survivability even more." The ASV has been in continuous combat for more than five years with an organic Operational Readiness Rate consistently greater than 90 percent.
With this award, the total number of ASVs produced or under contract with the U.S. Army is now 2579 vehicles. Production and deliveries of the ASV continue at the normal production rate of 48 vehicles a month with firm contracts through April 2010.
The ASV is a highly mobile wheeled combat vehicle with 360 degree armor protection against small arms fire that can withstand anti-tank land mines under any wheel and artillery burst fragments overhead.
The M1200 Armored Knight is an ASV variant equipped with a sensor package used to locate and designate targets for indirect fire and laser guided weapons. The specially configured ASV is used by Field Artillery Combat Observation and Lasing Teams (COLT) to carry out its missions.
"We're excited to be awarded this contract extension to manufacture additional ASVs for the M1200 Armored Knight and provide even more protection and mobility to our soldiers," said Tom Walmsley.
ASVs will be provided to DRS Technologies, the prime contractor for the Armored Knight responsible for the integration of the sensor and Mission Equipment Package. The total requirement for the program has been listed at 531 vehicles. The total number of ASVs produced or under contract with the U.S. Army for the Armored Knight Program to date is 199 vehicles.
About the ASV
The ASV is a 4X4 wheeled armored vehicle that offers significant crew protection through the employment of multiple layers of armor that provides defense against small arms fire, artillery projectile fragments, and land mines. This advanced armor is exceedingly lightweight and, along with its dimensions, allows the vehicle to be able to "roll-on/roll-off" C-130 military transport aircraft. The ASV possesses superior mobility, agility, handling, and ride quality through the utilization of a four-wheel independent suspension system. Textron Marine & Land has equipped the M1117 ASV with a specially designed dual-weapon station that, unlike many other vehicles, enables the crew to load, reload and clear gun jams under full armor protection.
With minor modifications and appropriate outfitting, ASV variants can perform a wide variety of missions including scout, infantry personnel carrier, reconnaissance, and command and recovery. Current missions of the ASV include operations with the Military Police, convoy protection, and Field Artillery Combat Observation and Lasing Teams (COLT). Its record of performance, reliability and survivability in the field is impeccable. More than 1000 ASVs have been deployed in the U.S. Army operations around the globe. Textron Marine & Land has built more than 1,600 vehicles to date.
About Textron Systems
Textron Systems Corporation has been providing innovative solutions to the defense, homeland security and aerospace communities for over 50 years. Known for its precision smart weapons, intelligent battlefield systems, surveillance systems, intelligence software solutions, aircraft control components, piston engines, armored vehicles and unmanned aircraft systems, Textron Systems includes AAI, HR Textron, Lycoming Engines, Overwatch Geospatial Operations, Overwatch Tactical Operations, Textron Defense Systems, and Textron Marine & Land Systems. Textron Systems Corporation is an indirect wholly owned subsidiary of Textron Inc. More information is available at www.textronsystems.com.
About Textron Inc.
Textron Inc. is a $13.2 billion multi-industry company operating in 34 countries with approximately 44,000 employees. The company leverages its global network of aircraft, defense and intelligence, industrial and finance businesses to provide customers with innovative solutions and services. Textron is known around the world for its powerful brands such as Bell Helicopter, Cessna Aircraft Company, Jacobsen, Kautex, Lycoming, E-Z-GO, Greenlee, Fluid & Power, Textron Systems and Textron Financial Corporation. More information is available at www.textron.com.
Forward-looking Information: Certain statements in this press release are forward-looking statements and speak only as of the date on which they are made, and we undertake no obligation to update or revise any forward-looking statements. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those contained in the statements, including but not limited to the following: (a) changes in worldwide economic and political conditions that impact demand for our products, interest rates and foreign exchange rates; (b) the interruption of production at Textron facilities or at Textron's customers or suppliers; (c) changing priorities or reductions in the U.S. Government defense budget, including those related to Operation Iraqi Freedom, Operation Enduring Freedom and the Global War on Terrorism; (d) our ability to perform as anticipated and to control costs under contracts with the U.S. Government; (e) the U.S. Government's ability to unilaterally modify or terminate its contracts with us for the U.S. Government's convenience or for our failure to perform, to change applicable procurement and accounting policies, and, under certain circumstances, to suspend or debar us as a contractor eligible to receive future contract awards; (f) changes in vehicle delivery schedules or cancellation of orders; (g) legislative or regulatory actions impacting defense operations; (h) performance issues with key suppliers, subcontractors and business partners; and (i) bankruptcy or other financial problems at major suppliers that could cause disruptions in Textron's supply chain.