WASHINGTON (AFX) - The U.S. Navy announced Friday it awarded a contract for technical services work worth up to $686 million to Northrop Grumman Corp., the world's largest ship builder and third-largest military contractor.
The contract includes a two-year base award of about $219 million plus two additional two-year options. Currently contracted work is scheduled for completion by August 2008.
Shares of Northrop Grumman rose 41 cents Friday to close at $67.22 on the New York Stock Exchange.
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