ENGINEERING company Meggitt yesterday announced it had won a $25m (£16m) contract to provide operator and maintenance support services to the Canadian military at bases across Canada.
Under the agreement, the firm, which has supplied weapons simulation technology to the Canadian Armed Forces for over 20 years, will provide in-service support for its small arms trainer and indirect fire trainer for the next three years.
President of Meggitt Training Systems (Quebec) Andrea Czop said: “We remain a committed partner supporting the operational readiness of Canada’s soldiers, sailors and airmen with advanced simulation and training systems.”
Meggit announced earlier this month that it was buying defence firm Cobham for $200m. Analysts had downgraded their profit expectations for the firm after a disappointing set of half-year results made reference to “challenging conditions” as military sales declined.
Shares in the FTSE-100-listed Meggitt shares fell sharply with the rest of the index yesterday, to finish 3.55 per cent lower at 453.9p, on a day of bloodshed on the stock markets caused by unease in China and a global commodities rout.