updated 5/10/2010 4:12:21 PM ET 2010-05-10T20:12:21

Textron Inc. said Monday that a subsidiary signed a new base contract to produce 423 additional armored vehicles for the U.S. Army, raising the value of the contract to $461 million.

The deal includes potential options for up to 272 more M1117 and M1200 vehicles, for an additional $239 million.

Textron said its Marine & Land Systems unit has delivered 2,600 armored vehicles to the Army.

The company said it would start delivering the extra vehicles in October and continue into early 2012 if all options are exercised. The $461 million total for the reworked contract covers 256 vehicles under the original base contract plus the additional 423, according to a Textron spokesman.

Textron shares rose $2.01, or 9.9 percent, to close at $22.39.

Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Discuss:

Discussion comments

,

Most active discussions

  1. votes comments
  2. votes comments
  3. votes comments
  4. votes comments

Data: Latest rates in the US

Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 4.95%
$30K home equity loan FICO 5.19%
$75K home equity loan FICO 4.58%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 13.40%
13.40%
Cash Back Cards 17.92%
17.91%
Rewards Cards 17.12%
17.11%
Source: Bankrate.com