Leonardo DRS Wins KDDX Electric Propulsion Contract for South Korea's First Full-Electric Destroyer
DRS is trading near its 52-week low of $32.43 (14% above the low).
Summary
Leonardo DRS will supply the electric propulsion system—permanent magnet motors and variable-frequency drives—for South Korea's KDDX destroyer program under a contract with Doosan Enerbility. The KDDX program targets at least six destroyers, and this is the ROK Navy's first full-electric drive, validating DRS's technology in a high-profile allied fleet. The win builds on prior ROKN FFX work, reducing execution risk and supporting follow-on awards. Contract value is not disclosed, but the multi-ship potential and strategic foothold in Korea make this a material positive for the naval electrification segment.
At the time of this announcement, DRS was trading at $37.06 on NASDAQ in the Industrial Applications And Services sector, with a market capitalization of approximately $9.9B. The 52-week trading range was $32.43 to $50.59. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Wiseek News.