Force Protection Gets $490 Million Contract From U.S. Marine Corps. For Mine Resistant Ambush Protected Vehicle Program

Force Protection, Inc. (NASDAQ:FRPT) today announced it has received a $490 million contract award to produce 1,000 vehicles for the U.S. Marine Corps’ Mine Resistant Ambush Protected (MRAP) vehicle program.

This latest delivery order calls for 300 Category I Cougar 4X4 and 700 Category II Cougar 6X6 vehicles. Manufacturing will be performed in Ladson, South Carolina; Charlotte, Michigan; Kings Point, North Carolina; Sealy, Texas and by General Dynamics Land Systems in Lima, Ohio.

“This order represents the single largest mine-resistant vehicle contract ever awarded,” said Force Protection COO Raymond Pollard. “We are pleased to note that among several competitors, and on Capitol Hill, Force Protection’s Cougar and Force Dynamics’ accelerated delivery schedule are recognized as the necessary combination to produce vehicles that will immediately support ground missions and save lives.”

General Dynamics Land Systems shares in the production and program management of the contact under its joint venture agreement with Force Protection.

The Marines have estimated total MRAP vehicle requirements to be in excess of 7,700 vehicles, worth an approximate $8.4 billion. Force Protection’s Cougar and Buffalo vehicles have withstood more than 2,000 IED and mine attacks since 2003, and have an unmatched record for troop safety in Iraq and Afghanistan.