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Sun 5 Jun 2005 04:00 AM

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PWC wins huge US military deal

PWC Logistics has won a US Defense Logistics Agency deal worth as much as $14 billion over up to 5 years.

PWC Logistics has won a US Defense Logistics Agency deal worth as much as $14 billion over up to 5 years. The Kuwait Stock Exchange said in a statement the deal has a minimum value of US $1.4 billion and a maximum value of $4.2 billion during an initial 18-month period.

Under the deal, PWC will supply and provide logistical services to US and allied armed forces in Kuwait, Iraq, Jordan and Turkey. The company will also support a UK-based logistics firm that has won the US defense tender to supply Afghanistan. The Kuwaiti bourse said the tender agreement will be officially signed at a later date.

The initial contract can be extended to two back-to-back 12-month periods followed by a final 18 months, with the minimum and maximum values during each 12-month period set at $933.7 million and $2.8 billion, respectively.

Shares in the 3PL rose 100 fils, or 2.96%, at 3.480 dinars on the Kuwait bourse where the main share index of more than 140 stocks surged 304.40 points, or 3.63 percent, to 8,686.90, reported Reuters.

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