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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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