- Northrop Grumman (NOC +0.3%) and United Technologies (UTX +0.4%) have each won $409M contracts from the Defense Dept. to work on next-generation thermal, power and controls.
- A competitive process resulted in seven bids being received for the work, the department says.
- Work will be completed by July 2024 and take place in Redondo Beach, Calif. (in Northrop's case) and East Hartford, Conn. (in United's case).
- The companies will be tasked with researching future power, thermal and controls requirements for the Air Force.