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ITT Awarded U.S. Army?s Omnibus VII Night Vision Contract
White Plains , NY Sept. 21, 2005 --- ITT Industries, Inc Night Vision (ITT) has received an Omnibus VII night vision contract from the U.S. Army Contracting Agency of White Sands Missile Range in New Mexico. The indefinite delivery indefinite quantity (IDIQ) contract has the potential to value an estimated $1.39 billion during the five-year contract period 2005-2009 . Under this contract, ITT has received an initial award of more than $160 million for AN/PVS-14 Monocular Night Vision Devices and AN/PVS-7 night vision goggles , along with $40 million for production facilities and equipment.
ITT received one of two OMNI VII contracts awarded. Each of the two contractors received the same total potential award of up to 370,486 AN/PVS-14 and 34,300 AN/PVS-7 goggles and associated spare image tubes. Unlike firm-fixed price contracts, this IDIQ contract is structured so that the Army will grant awards to contractors based in large part on the contractor's ability to deliver the required products on time. Thus the total value initially announced is not indicative of the award activity for each contractor. The award significance is revealed when actual orders are issued.
Delivery of the Omnibus VII night vision units will begin in January 2006. As part of their goal to equip all warfighters with life-saving technology, the Army and U.S. Marine Corps are fielding the night vision devices across all deployed units of active duty service members.
"Helping protect those who protect our way of life is of utmost importance to ITT," said Larry Curfiss, vice president & director of Business Development. "We are committed to supplying our soldiers with the life-saving night vision technology they need to perform their critical missions safely."
About ITT Industries
ITT Industries, Inc. ( www.itt.com ) supplies advanced technology products and services in key markets including: fluid and water management including water treatment; defense communication, opto-electronics, information technology and services; electronic interconnects and switches; and other specialty products. Headquartered in White Plains, NY, the company generated $6.8 billion in 2004 sales.
In addition to the New York Stock Exchange, ITT Industries stock is traded on the Midwest, Pacific, Paris, London and Frankfurt exchanges.
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