OT: Fidelity Inv. Triples Stake in Force Prot (FRPT)
OT: Fidelity Inv. Triples Stake in Force Prot (FRPT) 2007-11-13 11:01 (New York)
By Edmond Lococo Nov. 13 (Bloomberg) -- Fidelity Investments tripled its stake in Force Protection Inc., the largest supplier of blast- resistant trucks to the U.S. Marine Corps. Fidelity holds 7.89 million shares, or about a 12 percent stake, as of Oct. 31, Boston-based Fidelity said in a regulatory filing today. That makes Fidelity the company's largest shareholder, according to Bloomberg data. The U.S. Defense Department is rushing-blast resistant trucks to Iraq to protect troops from roadside bombs. The Pentagon has already bought 8,815 trucks. Ladson, South Carolina-based Force Protection has shipped 1,389 trucks as of Nov. 1, more than any other supplier. The stake represents an increase from 2.62 million shares, or about 3.9 percent, of Force Protection that Fidelity had held at the end of June, according to Bloomberg data. Sophie Launay, a spokeswoman for Fidelity, declined to comment on the purchase. Force Protection shares gained 39 cents, or 2.3 percent, to $17.26 at 11 a.m. in Nasdaq Stock Market composite trading. They had fallen 3.1 percent so far this year before today.