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Meggitt wins cooling systems contract from tank-maker GDLS

The contract is also the third announcement from Meggitt this week

tanks
General Dynamics Land Systems makes the Stryker combat vehicle

Engineer Meggitt PLC (LON:MGGT) has won a defence contract in the US to develop a system to keep the next generation of tanks from overheating.

The fixed-price contract has been awarded by General Dynamics Land Systems (GDLS) after it was given the task by the US Pentagon of procuring more than 2,100 new advanced cooling systems, valued at over $250mln, for its next-generation ground vehicles, including the eight-wheeled Stryker.

READ: Meggitt inks 10 year deal worth around US$750mln with US engines giant Pratt & Whitney

FTSE 250-listed Meggitt has been awarded other contracts by GDLS in recent years, including providing thermal management systems for the M1 Abrams battle tank.

“The new cooling system builds on Meggitt's pedigree in thermal management, including other electrically driven cooling systems that are being implemented on more electric military aircraft platforms and ground vehicles,” the company said.

The contract is also the third announcement from Meggitt this week, following a fire protection systems win with US jet and helicopter maker Textron Inc (NYSE:TXT) and with Lufthansa’s Technik subsidiary to provide maintenance, repair and overhaul services.

Meggitt’s last set of results, in February, showed underlying profit up 4% and organic revenue up 9%, with 7% growth in civil aerospace, 10% in defence and 19% in energy.

Quick facts: Meggitt PLC

Price: 634.8 GBX

LSE:MGGT
Market: LSE
Market Cap: £4.93 billion
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