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Investing.com -- Hudson Technologies Inc (NASDAQ:HDSN) stock rose 2.2% in premarket trading Thursday after the company announced it has been awarded a contract with the United States Defense Logistics Agency (DLA) valued at approximately $210 million for a five-year base period.
The refrigerant services provider will continue as prime contractor for the management and supply of refrigerants, compressed gases, cylinders, and related items to U.S. Military Commands and Installations and Federal civilian agencies. Primary users include the U.S. Army, Navy, Air Force, and Marine Corps.
The indefinite delivery, indefinite quantity (IDIQ) contract includes a five-year renewal option. Hudson Technologies has served as prime contractor for these services since 2016 and retained the contract following a standard periodic competitive review and rebidding process.
"After successfully supporting the U.S. military since 2016, we are very pleased to have won the opportunity to continue as their prime contractor for certain refrigerants, industrial gases and equipment," said Brian F. Coleman, President and Chief Executive Officer of Hudson Technologies.
The contract renewal demonstrates the company’s ongoing relationship with the DLA, providing critical materials to military installations and facilities across the country.
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