DoD Re-Ups Royal Philips Electronics N.V. Contract for $77 Million

Royal Philips (NYSE:PHG) won a maximum $77 million modification through the U.S. Department of Defense as the 7th year in a possible 9-year contract for medical equipment.

The contract positions Philips to supply the DoD with patient monitoring systems, subsystems, accessories, consumables, spare or repair parts and training on the systems, and comes as a fixed-price with economic price adjustment contract.

The Army, Navy, Air Force, Marine Corps and federal civilian agencies are included in the contract, with appropriation from the fiscal 2016 to the fiscal 2017 years, according to a DoD press release.

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