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Thermo Fisher Receives $192.5M Contract From US Govt For Pipette Tip Manufacturing

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  • Thermo Fisher Scientific Inc (NYSE: TMO) has announced a $192.5 million contract award from the U.S. Department of Defense (DoD).

  • The contract covers the domestic production of pipette tips used within research and diagnostic labs to dispense precise amounts of liquid.

  • In mid-2020, the company announced its investments to increase pipette tip production capacity to support COVID-19 testing.

  • With the DoD award, issued on behalf of and in coordination with the U.S. Department of Health and Human Services (HHS), Thermo Fisher will co-invest with the U.S. government in building a new manufacturing facility.

  • Construction will be fully completed by Q3 2024, with pipette tip manufacturing starting as early as Q3 of 2023.

  • Price Action: TMO stock is up 0.53% at $564.71 during the market session on the last check Thursday.

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