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October 19, 2020 | International, Naval
2019 was a landmark year for Connecticut’s defense industry
Julia Bergman
Military contractors in Connecticut had their most lucrative year in more than a decade in 2019, receiving $37.1 billion in defense contracts last year.
That's according to the State of Connecticut Office of Military Affairs, which has tracked contracts received by the state's defense industry since 2007 and releases an annual report on the outlook for the industry.
In reality, the value of defense contracts awarded in 2019 to Connecticut companies or companies doing business in the state was likely higher than $37.1 billion, as the report only relies on prime contracts worth $7 million or more. The previous high was in 2014, when the report recorded $27.1 billion in contracts.
The growth in 2019 was spurred by the $22.2 billion contract the U.S. Navy awarded to Electric Boat last December for the construction of nine Virginia-class attack submarines — the largest shipbuilding contract ever awarded by the Navy. The contract includes the option to purchase a 10th submarine, which would increase its value to $24.1 billion.
In addition to the record-breaking contract, Congress passed a defense budget that resulted in $30 billion for Connecticut-based defense programs this fiscal year, including the purchase of helicopters, jet engines and submarines all manufactured in the state.
Defense contractors, deemed essential businesses during the coronavirus pandemic, have continued to fare well, similar to what happend during the 2008-09 recession, said Bob Ross, executive director of the Office of Military Affairs.
At the time, Connecticut firms with both defense and commercial arms saw their commercial business lag but were kept busy by their military contracts.
"We're seeing some of that again," Ross said. "For example, commercial aviation has been struck by the (coronavirus) pandemic, but the military aviation side has kept going."
In the past three years, the growth in defense contracts has mainly been related to submarine construction at EB and jet engine manufacturing at Pratt & Whitney.
"Suppliers have been busier than ever, particularly for submarines," the report says. "Such high level of defense production will likely be the case for many years to come, as Connecticut continues to produce and maintain the world's most sophisticated nuclear submarines, state of-the-art military jet engines, and a variety of military rotary wingaircraft used worldwide."
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July 29, 2020 | International, Aerospace
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San Diego, July 24, 2020 (GLOBE NEWSWIRE) - Kratos Defense & Security Solutions, Inc. (NASDAQ:KTOS), a leading National Security Solutions provider, announced today that Kratos Unmanned Systems Division has been awarded a five-year indefinite delivery, indefinite quantity (IDIQ) contract valued at up to $400 million for the development, integration, and prototype air vehicle delivery in support of the U.S. Air Force's Skyborg program. Work under the program award will be performed at secure Kratos manufacturing and production facilities located in Oklahoma and California over the next 60 months. Steve Fendley, President of Kratos Unmanned Systems Division, said, “Skyborg is a critical U.S. Air Force Vanguard program that will ensure the United States maintains our technological dominance in a period of significant nation-state competition and our readiness for the future of aircraft-based warfare. Kratos has been and remains committed to advancing affordable unmanned technologies, and we are proud to be a Skyborg prime contractor, helping enable the DoD to significantly increase mass and effect at dramatically reduced cost compared to traditional aircraft programs.” Eric DeMarco, President and CEO of Kratos Defense, said, “Kratos operates at the nexus of advanced jet drones, space and satellite communications, microwave electronics, next generation jet engines, missile defense, and hypersonic vehicles. At Kratos, affordability is a technology, and we are executing on our plan to be a disruptive leader providing affordable systems to our DoD and National Security partners and customer base which we work extremely closely with. We believe that this plan is completely complimentary to the Skyborg mission, and we look forward to supporting the Skyborg program for the USAF.” About Kratos Defense & Security Solutions Kratos Defense & Security Solutions, Inc. (NASDAQ:KTOS) develops and fields transformative, affordable technology, platforms and systems for United States National Security related customers, allies and commercial enterprises. Kratos is changing the way breakthrough technology for these industries are rapidly brought to market through proven commercial and venture capital backed approaches, including proactive research and streamlined development processes. Kratos specializes in unmanned systems, satellite communications, cyber security/warfare, microwave electronics, missile defense, hypersonic systems, training, combat systems and next generation turbo jet and turbo fan engine development. For more information go to www.KratosDefense.com Notice Regarding Forward-Looking Statements Certain statements in this press release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of Kratos and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Kratos undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Kratos believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Kratos in general, see the risk disclosures in the Annual Report on Form 10-K of Kratos for the year ended December 29, 2019, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the SEC by Kratos. Press Contact: Yolanda White 858-812-7302 Direct Investor Information: 877-934-4687 investor@kratosdefense.com View source version on Kratos Defense & Security Solutions, Inc.: https://ir.kratosdefense.com/news-releases/news-release-details/kratos-awarded-400-million-five-year-idiq-contract-us-air-force