U.S. Department of Defense Extends Savi's RFID II Contract A Year and Increases Spending Ceiling by $60 Million
Mountain View, Calif., 02/04/2008 -- The U.S. Department of Defense (DoD) has extended the time and increased the value of its Radio Frequency Identification (RFID) II contract with Savi, a Lockheed Martin [NYSE: LMT] company. The contract has been extended to Jan. 31, 2009 and its ceiling increased by about $60 million to $483 million for the company's active RFID products and services.
The contract amendments were made by the U.S. Army's Information Technology, E-Commerce and Commercial Contracting Center (ITEC4), and the executive agent for the DoD is the office of the Product Manager, Joint-Automatic Identification Technology.
We are proud to continue providing innovative RFID solutions that support the war fighter through this contract for another year, said Vic Verma, chief executive officer of Savi Group. This is the second contract extension and third ceiling increase that Savi has received on this contract, which was initially awarded in January 2003, said David Stephens, chief executive officer of Savi Technology, a Savi line of business focused on enterprise-level RFID-based solutions and services for defense and government customers.
Savi, a leading developer and provider of RFID-based supply chain solutions and services for defense, government and commercial customers, has provided RFID solutions to the DoD for more than a decade. The company helped build the DoD's RF In-Transit Visibility (ITV) network, which spans more than 45 countries and tracks military supplies through 4,000 sites.
In addition to the DoD, the company provides RFID solutions for NATO, and defense forces in the United Kingdom, Australia, Denmark, Sweden, and Spain, among others. Savi is building interoperable RFID-based networks for allies that enable them to improve the management of consignments for multi-national, joint-force operations.
With over 17 years' experience, Savi is a proven leader in RFID and related wireless solutions for the management and security of supply chain assets, shipments and consignments. Savi's integrated RFID hardware and software solutions drive business value, such as reducing supply chain assets, inventory and operational costs. Founded in 1989, Savi Technology is a wholly-owned subsidiary of Lockheed Martin, with headquarters in Mountain View, Calif., and offices in Johannesburg, London, Melbourne, Singapore and Washington D.C. For more information, visit www.savi.com.
Headquartered in Bethesda, Md., Lockheed Martin employs about 140,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. The Corporation reported 2007 sales of $41.9 billion.