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Force Protection gets $123 million in new foreign orders
By Dan McCue
Staff Writer
Force Protection Inc. has received separate orders for its mine-resistant armored vehicles from the ministries of defense of the United Kingdom and Italy worth a total of $123 million.
The orders were announced on Feb. 22, the same day Michael Moody formally succeeded Gordon McGilton at the company’s helm. McGilton retired as Force Protection’s CEO and director and Moody now holds the titles of chairman and interim CEO.
The order from the U.K. Ministry of Defence is for 174 Cougar Mastiff vehicles, vehicle spare parts and field support. Under the contract, valued at approximately $115 million, vehicle production will be performed exclusively by Force Protection at its Ladson facility and is scheduled for completion by December 2008. The portion of the contract addressing spare parts and field support coverage will be in effect through mid-2009.
The Italian Ministry of Defense, meanwhile, has ordered six Cougar troop transport vehicles and four Buffalo route clearance vehicles, along with spare parts and support coverage. The contract is valued at about $8 million.
The vehicles will be manufactured at Force Protection’s Ladson facility and completed by December 2008. Similarly, the portion of the contract governing spare parts and field support coverage will continue in effect through mid-2009.
In a written statement, Moody said he was proud of and grateful for Force Protection’s strong relationship with its international buyers.
“A successful sales effort to foreign military customers is an important part of our long-term strategy,” he said. “It also ensures a solid return on our investments in manufacturing capability.”
He said the orders underscored “a sizable international opportunity for our technology and our products.”
Moody began as company leader by saying Force Protection had begun a process of bringing new leadership, new discipline and new drive to the business.
“As we look at the competitive landscape, we have no illusions about the challenges we face. That having been said, out of challenge comes opportunity,” he said. “We intend to seize that opportunity. As we move forward, we are tasking every facet of our organization to rise to a new level of capability and excellence.”
John W. Paxton, who has more than 30 years of management experience in defense and other industries, has joined the company’s board of directors.
Dan McCue is a staff writer for the Business Journal. E-mail him at dmccue@scbiznews.com.
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