ICYMI: L3Harris Technologies has Landed a Five-Year $999 Million Contract and Half of the Work will be Completed in Utah
Sometimes, an announcement doesn't hit our regular sources of information in a timely fashion. This is one of those times.
We admit we missed this announcement when it was made late last month.
So ... in case you missed it too ... here's the skinny:
L3Harris Technologies (NYSE:LHX) has been awarded a five-year military contract worth up to $999 million, with 50% of that work to be completed in Utah.
{NOTE: The rest of the work will be conducted in California.}
According to the U.S. Department of Defense website, the Salt Lake City-based offices of L3Harris have won a U.S. Navy contract for "... the production, retrofits, development and sustainment of the Multifunctional Information Distribution System (MIDS) Joint Tactical Radio Systems (JTRS) terminals ..." specifically work on, and in support of, the stealth F-22 fighter jet, aka, the Raptor.
To be clear, this is what is known as "... an indefinite-delivery/indefinite-quantity contract," meaning that beyond the first fiscal year of the contract, July 2024 through June 2025, there is no guarantee that the entire contract will be consummated.
![](https://www.utahmoneywatch.com/content/images/2024/07/L3Harris-logo--07-2024.png)
For the record, however, the contracting authority is Naval Information Warfare System Command in San Diego, California, and L3Harris was 1 of 3 organizations that submitted bids for this work.
According to the DoD and multiple news reports, this contract combines the purchasing needs for specific strategic communications solutions for the Navy, U.S. Marines, and U.S. Air Force, as well as NATO and NATO member countries under what is known as the Foreign Military Sales (FMS) program.
By way of background, IndustrySelect reported last October that L3Harris has 3,500 employees in Utah who occupy over 900,000 square-feet of facilities / offices in the state, with this Utah base of operations serving as "... the company’s divisional headquarters (where it) produces wideband data links and satellite communication systems."
PUBLISHER'S NOTE
In case you're not aware of Utah Money Watch, our goal is to publish Utah-focused monetary, financial, and/or business news, context, and analysis on a timely/regular basis, ideally information NOT available through any other source.
[You might think of us at the opposite of Bloomberg, CNBC, and/or The Wall Street Journal, each of which focus on international/national news first and rarely report on local happenings. Conversely, we are passionately focused on uncovering the most important monetary, financial, and/or business news and information that impact the organizations and people of Utah.]
Here again, the intent is to publish news, information, context, and analysis NOT available through any other source.
To that end, this article was originally published and distributed to our Subscribers at approximately 6:10am (MT) on Thursday, 11 July 2024.
However, if you are seeing this report sometime after this date/time and you are interested in seeing similar reports and/or other Utah-focused monetary/financial/business news, context, and analysis write-ups in the future on an instantaneous basis when they are published, you can do so by subscribing, FOR FREE, to Utah Money Watch.
This will take less than 30 seconds and can be done from any page on the Utah Money Watch website.
Simply,
1. Click on a "Subscribe" button on any Utah Money Watch webpage,
2. Enter in your name in the proper field in the popup window that appears on-screen, and
3. Enter your preferred email address in the proper field too.
That's it. And "Yes," it really is that simple.
And ... it IS free.
So we hope to see you join us as a subscriber of Utah Money Watch.
Thanks.
Team Utah Money Watch
Comments ()