Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
British multinational defence, security and aerospace firm BAE Sytems (LON: BA) said that the US Air Force has awarded the company a five-year contract worth $66.6 million.
The deal will see BAE provide diminishing manufacturing sources and material shortages (DMSMS) support to the Air Force supply chain.
BAE will supply the 429th Supply Chain Management Squadron at Tinker Air Force Base in Oklahoma, with its Advanced Component Obsolescence Management (AVCOM) suite of tools and services.
“In this next iteration of the DMSMS program, BAE Systems will be implementing an innovative cloud-based technology suite to enhance predictive analytics to the US Air Force,” said Pete Trainer, Vice President and General Manager of Air Force Solutions at BAE Systems.
The AVCOM database has access to over 100 million parts, and its customised web-enabled obsolescence management tool helps users forecast when a part will become obsolete or too expensive to procure.
The contract has been awarded to BAE for the last 10 times consecutively, with the latest deal being the largest in value so far.
BAE Systems stock price is relatively unmoved following the announcement, up 0.16% at 501.6p per share.
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