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STEWART AND STEVENSON WINS FMTV CONTRACT

9 Dec 02. Stewart & Stevenson Services, Inc. (NYSE: SVC – News), announced that the U.S. Army has awarded Stewart & Stevenson Tactical Vehicle Systems, LP (TVS) in Sealy, Texas a second option for production of the Family of Medium Tactical Vehicles (FMTV) A1 with shipments from October 2003 to September 2004. The estimated sales value is $396m.

Michael L. Grimes, President and Chief Executive Officer, stated, “The FMTV A1 trucks have demonstrated unparalleled performance, reliability, safety and quality, offering advanced capability and mobility to the soldiers of today and continuing our exemplary delivery record of these world-class quality vehicles, and superior Contractor Logistics Support services to our customer around the world.”

Dennis M. Dellinger, TVS President and Chief Operating Officer, commented, “Stewart & Stevenson, with more than a decade of experience in designing, producing and supporting the FMTV, has delivered more than 18,000 vehicles to the U.S. Army, including 30 consecutive months of on-time deliveries. The vehicles have been fielded to locations worldwide and serve in a wide variety of platforms as an integral part of Army Transformation. Sharing 85 percent commonality across more than 14 truck variants and two companion trailers, the vehicles have demonstrated unmatched transportability, agility, versatility and reliability.”

Comment: This is good news for S&S and confirms the US Army’s trust in the FMTV range at a crucial time when the company is bidding into the US and UK governments for key truck programmes against fierce competition from Oshkosh in the US and MAN, Mercedes and Oshkosh in the UK.

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