Globecomm gets $32.4 million extension on satellite contract with US government contractor
By APTuesday, March 9, 2010
Globecomm gets $34.2M contract extension
HAUPPAUGE, N.Y. — Globecomm Systems has been notified of a contract extention worth $34.2 million, the sattelite communications company said Tuesday.
The contract from a “major U.S. government prime contractor” is valued at up to $127 million over four years, Globecomm said. With the new extension the customer, which was not made public, has committed to spend about $70 million over three years, leaving the option to extend by another $57 million for a fourth year.
Under the agreement, the company will provide satellite earth stations and services. It said it will also provide technical support services to multiple locations in the Middle East, Africa, Asia and certain Pacific and Caribbean islands.
Shares of Globecomm Systems Inc. gained 7 cents to $8.02 in afternoon trading.
