AeroVironment Inc. has received a $22 million contract to provide its Wasp unmanned aircraft to the U.S. Marine Corps, the company announced on Wednesday.
AeroVironment will deliver an unspecified number of Wasp aircraft systems and spares within 12 months. The company is based in Monrovia but develops and manufactures the Wasp and its other small drones at its Simi Valley facility.
The Marine Corps will use the aircraft for short-range reconnaissance and surveillance. The hand-launched aircraft operates for up to 50 minutes at a range of five kilometers and provides a live video feed. The Marines also use Raven and Puma unmanned aircraft made by AeroVironment.
Shares closed up 91 cents, or about 3 percent, to $30.40 on the Nasdaq.
Teledyne Technologies Inc. is raising $125 million in capital through the sale of debt.
The Thousand Oaks manufacturer for the aerospace, marine and energy markets will use the proceeds for acquisitions and share repurchases. Earlier this month the company said it was accelerating the repurchase of more than 1 million shares of its common stock valued at $100 million.
The transaction announced Tuesday involves $30 million of senior unsecured notes due Dec. 4, 2019, and $95 million of senior unsecured notes due Dec. 6, 2021. It is expected to close on Dec. 4.
Shares closed up 75 cents, or a fraction of a percent, to $95.82 on the New York Stock Exchange.
The acting chief financial officer for Ixia has been appointed to the position permanently.
Brent Novak has been with the Calabasas computer-networking software developer since 2004, most recently as vice president, finance. In March he was named acting chief financial officer to replace Tom Miller who resigned.
“In his role as acting chief financial officer, he has demonstrated tremendous leadership and was instrumental in bringing the company current with its quarterly and annual reporting requirements,” said Chief Executive Bethany Mayer in a prepared statement.
Shares closed up 31 cents, or about 3.5 percent, to $9.32 on Nasdaq.
The Los Angeles City Council has approved a plan to turn over marketing for the Los Angeles Zoo to the Greater Los Angeles Zoo Association.
The public-private partnership is aimed at improving the zoo’s finances and attendance. The association has pledged to spend $2.5 million on marketing and promotion, which is substantially more than the roughly $800,000 spent by the city.
The pact was opposed by city unions but the deal was approved 10-0 on Tuesday after an agreement was reached that would protect existing city jobs at the Griffith Park attraction.