Benzinga | Sep 2, 2021 01:14PM EDT

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

* 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.