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OSI Systems Receives $600 Million Award for Cargo and Vehicle Inspection Systems
HAWTHORNE, Calif.--(BUSINESS WIRE)-- OSI Systems, Inc. (the “Company” or “OSI Systems”) (NASDAQ: OSIS) today announced that it has been notified of an award
About this update from Osi Systems, Inc.
[{"type":"text","content":" HAWTHORNE, Calif.--(BUSINESS WIRE)--\nOSI Systems, Inc. (the “Company” or “OSI Systems”) (NASDAQ: OSIS) today announced that it has been notified of an award valued at approximately $600 million, which includes 16% value added tax (VAT), from Mexico’s Secretaría de la Defensa Nacional (SEDENA) for cargo and vehicle inspection systems and related services. Under the award, the Company is expected to provide a range of inspection systems, including the Eagle® high energy and low energy cargo inspection portals, the Carview® vehicle inspection system, and the Certscan® multi-site integration platform, to inspect trucks, buses, and cars at several Mexican customs border checkpoints at the country’s northern and southern borders. The Company also expects to support the civil works, training, and follow-on maintenance.\n\nOSI Systems’ Chairman and CEO, Deepak Chopra, commented, “We are honored to receive this significant award and deeply appreciate the trust and confidence that SEDENA has placed in us. With our successful track record worldwide, particularly in customs and border security initiatives, we possess a profound understanding of how to effectively manage these complex projects.”\n\nThe award is subject to finalization and execution of definitive agreements. The Company excludes VAT from bookings, backlog, and revenues.\n\nAbout Secretaría de la Defensa Nacional (SEDENA)\n\nThe Secretaría de la Defensa Nacional, or SEDENA, is Mexico's federal government department responsible for organizing and training the country's armed forces. Its main objective is to ensure the defense of the Mexican territory, its people, and its national sovereignty. The organization is headed by the Secretary of National Defense, who is appointed by the president of Mexico.\n\nAbout OSI Systems\n\nOSI Systems is a vertically integrated designer and manufacturer of specialized electronic systems and components for critical applications in the homeland security, healthcare, defense, and aerospace industries. The Company combines more than 40 years of electronics engineering and manufacturing experience with offices and production facilities in more than a dozen countries to implement a strategy of expansion into selective end product markets. For more information on OSI Systems or any of its subsidiary companies, visit www.osi-systems.com. News Filter...