GE, Ford get $336M federal contract to make ventilators [Seeking Alpha]
General Motors Company (GM)
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Source: Seeking Alpha
On the MoveGE, Ford get $336M federal contract to make ventilatorsApr. 16, 2020 3:55 PM ET|General Electric Company (GE)Carl SurranGeneral Electric (-4.4%-1.5%win a $336M federal contractThe companies are expected to produce the devices at a facility in Michigan starting next week as part of the U.S. response to the COVID-19 outbreak.According to the contract terms, each ventilator would cost $6,720, nearly $10K below a previous federal contract for 30K ventilators at $489.4M, or ~$16.3K/unit, with General Motors and Ventec Life Systems, although the GE-Ford model is less complex than other ventilators.The U.S. Department of Health and Human Services says it has finalized contracts under the Defense Production Act to produce or acquire more than 41K ventilators by the end of May and more than 187K ventilators by year-end.See all stocks on the move »Now read:GE 2020 Guidance: Past And Present »
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