Ladson-based Force Protection has just received a $3.5 million order from the French military and will build five of their Buffalo-class armored vehicles for them. The company's mine-resistant, ambush-protected (MRAP) vehicles have gotten a lot of attention in the war in Iraq. Force Protection has been in the headlines recently, as well, after the Marines put in $42.5 million order for parts and support earlier this month.
From a Force Protection press release:
Force Protection, Inc. (NASDAQ:FRPT) today announced that it will produce five Buffalo Category III vehicles for the French military under a contract modification to contract M67854-07-C-5039. The order totals $3.5 million and is scheduled for completion by November 2008. Work is to be performed solely by Force Protection Industries.
“We are proud to provide these vehicles to the French government,” said Michael Moody, Chief Executive Officer of Force Protection. “This represents another important step in the continued growth of our international customer base. Force Protection’s battle proven vehicle platforms continue to be the choice of our allied fighting forces throughout the world.”
It's not all sunshine and roses for Force Protection, though. They've had a rough year, as the Charleston Regional Business Journal reports:
The company announced a $42.5 million order from the Marine Corps earlier this month, but the year has been challenging for Force Protection. The company has cut its work force by more than 500 people, or roughly 25%, and NASDAQ has threatened to delist the company because it hasn’t filed earnings reports with the Securities and Exchange Commission.
Will this be enough to get the company back on track?