Print
Email
Print Edition Stories
Shares in iRobot Corp. (Nasdaq: IRBT) rose nearly 13 percent by midafternoon today, after the Pentagon announced yesterday it had signed a four-year, $230 million contract to order bomb-disposal and reconnaissance robots and parts for the U.S. Navy from the Bedford robotics company.
The Navy, according to Reuters, will pay up to $230 million for the delivery of an indefinite amount of small robots, accessories, repair parts and services, and training. The contract runs through April, 2015.
As of 2:35, the company’s shares were up $4.11 on the day, to $35.58.
In 2010, iRobot reported $25.5 million in net income on $401 million in revenue for 2010. The company has a market cap of over $900 million.
In unrelated news, the company informed shareholders yesterday that co-founder Rodney Brooks will step down from the iRobot board of directors in May. Brooks in 2008 left his day-to-day operating role at the company to launch a new startup, Boston-based Heartland Robotics, which has raised $32 million to develop robots for manufacturing.
Last week, iRobot announced what it calls a “throwable” robot, a small surveillance robot that soldiers or police officers can toss into a room and get video feeds as the robot moves around.
Comments
If you are commenting using a Facebook account, your profile information may be displayed with your comment depending on your privacy settings. By leaving the 'Post to Facebook' box selected, your comment will be published to your Facebook profile in addition to the space below.
RSS Feeds
