Italy's Finmeccanica wins US submarines contract

Italian aerospace and defence giant Finmeccanica has won a contract of up to $691 million (514 million euros) to equip US submarines, the company said on Tuesday.

By Space Travel Editorial Team · Editorial process

Published December 5, 2011

Italian aerospace and defence giant Finmeccanica has won a contract of up to $691 million (514 million euros) to equip US submarines, the company said on Tuesday.

"Finmeccanica, through its company DRS Technologies Inc, received an award with a ceiling value of $691 million for a US navy submarine technology insertion hardware contract," it said in a statement.

The five-year contract was awarded by Lockheed Martin.

Finmeccanica has suffered heavy losses this year and its chairman Pier Francesco Guarguaglini was forced to step down this month following a series of corruption scandals.

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