AeroVironment Lands $11 Million ContractMonday, March 12, 2012
AeroVironment, the Monrovia company the makes unmanned aircraft, has won an $11 million contract from the U.S. military for logistics support.
The contract covers troop training and spare parts for the company’s RQ-11B Raven unmanned aircraft system. The company will work with the U.S. Army and Marine Corps as well as with allied forces from other nations.
The Raven is a 4.2-pound hand-launched plane that provides video images to a portable ground station. It is used by infantry troops for “over the hill” and “around the corner” reconnaissance during patrols and combat missions.
Shares of AeroVironment gained 40 cents or 2 percent to trade at $26.54 in midday trading on the Nasdaq.