A subsidiary of Teledyne Technologies Inc. received a follow-on production contract to make a manned combat vehicle for the U.S. Navy.
The value of the contract between the Navy and Teledyne Brown Engineering in Huntsville, Ala., including all options, is $178 million. Teledyne Brown is a subsidiary of Teledyne Technologies in Thousand Oaks.
The shallow water combat submersible system is used to bring Special Operations Forces soldiers in and out of high-threat situations. The contract with Naval Sea Systems Command calls for production of the submersible system, including spare parts and engineering and technical support, through fiscal year 2024, if all options are exercised.
Teledyne Chief Executive Al Pichelli said the company is proud to supply a system enabling Special Operations Forces to perform their missions successfully.
“The shallow water combat submersible is a complex system that will assist in the safe delivery and return of those who are protecting our nation,” Pichelli said in a statement.
Shares in Teledyne (TDY) closed on Monday up $2.01, or less than 1 percent, to $321.93 on the New York Stock Exchange.