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Thursday, October 30, 2014

Taiwan's Ching Fu says wins bid to build minesweepers for navy, (NYSE: LMT)

Taiwan's largest private shipbuilder, Ching Fu Shipbuilding Co Ltd, said on Thursday it had won a contract to build six mine countermeasure vessels for Taiwan's military for an undisclosed amount. The bid was part of a procurement process by the Ministry of National Defense, said an official at Ching Fu Shipbuilding, who declined to be named as he was not authorised to speak to the media.Defense ministry officials failed to comment on the deal. Local media have reported that the defence ministry's total procurement budget for mine countermeasure vessels is T$35.2 billion Taiwan dollars ($1.2 billion)According to industry publication Defense News, Italian shipbuilder Intermarine SpA and U.S. defence firm Lockheed Martin Corp have secured a contract to support the construction of the vessels.Lockheed Martin declined to immediately comment on the matter. Intermarine also declined to comment.

Lockheed Martin Corporation is a global security and aerospace company engaged in the research, design, development, manufacture, integration, and sustainment of technology systems and products. Shares of LMT traded higher by 0.47% or $0.88/share to $186.43. In the past year, the shares have traded as low as $133.16 and as high as $186.78. On average, 1479710 shares of LMT exchange hands on a given day and today's volume is recorded at 1663745.