Electro Optic Systems Holdings (ASX:EOS) to acquire 251 Remote Weapon Systems

Company News

by Rachael Jones

Electro Optic Systems Holdings (ASX:EOS) has completed contract negotiations with the Commonwealth of Australia for the acquisition of 251 Remote Weapon Systems.

The contract is valued at over $94 million is set to boost Australian jobs and create opportunities for small businesses.

The contract finalisation includes $28.5 million of cash flow to Electro Optic Systems in Q4 2020 that will assist in securing their Australian supply chain consisting of 146 SMEs and over 1100 employees.

The 251 Remote Weapon systems will be integrated on to Bushmaster and Hawkei protected mobility vehicles.

Forty Remote Weapon Systems are scheduled for delivery in Q4 2020, with the remainder to be delivered in 2021.

Shares in Electro Optic Systems Holdings (ASX:EOS) are trading 5.2 per cent higher at $5.84.