Welcome to today's Defense Business Briefing, your weekly roundup of the latest defense industry news.
DOD says new COVID-19 policies will get $3B in cash flow to defense contractors
The Pentagon said a new payment policy aimed at helping defense contractors weather the impacts of the COVID-19 pandemic is expected to provide industry with $3 billion in cash flow.
Boeing extends suspension at Puget Sound and Moses Lake sites
Boeing said it is extending indefinitely its suspension of production operations at all Puget Sound-area and Moses Lake sites.
Electric Boat president tests positive for COVID-19
The president of General Dynamics Electric Boat said he learned Friday he tested positive for coronavirus.
CEO: Despite COVID-19, Lockheed Martin still hiring
Lockheed Martin chief executive Marillyn Hewson said her company is committed to continuing to hire workers despite the ongoing coronavirus pandemic.
ULA employee tests positive for COVID-19
The chief executive of United Launch Alliance said an employee in one of the company's Denver facilities has tested positive for coronavirus.
Army planning ways to assist defense contractors during pandemic
The Army's acquisition executive and modernization chief are evaluating daily the potential impacts of the COVID-19 outbreak on the service's major programs and the contractors supporting them. They say while certain events have been paused or rescheduled, they are not yet expecting any significant schedule changes.
DOD worried struggling tech startups will miss out on U.S. aid and fall prey to foreign investment
The Defense Department's top official in Silicon Valley wants to ensure struggling technology startups will qualify for emergency small business loans, as he worries companies could instead turn to Chinese and Russian investors.
Industry groups seek six-month extension in federal ban on contractors using Huawei, ZTE
Two defense industry groups, citing the coronavirus outbreak, are pressing lawmakers to provide a six-month extension to the deadline for when federal contractors are banned from using Chinese telecommunications products like Huwaei and ZTE.
Pentagon memo advises acquisition officials to use 'regulatory tools' to keep industrial base strong
A memo signed March 30 by a top Defense Department acquisition official says DOD agencies and the services should act to ensure the defense industrial base remains healthy despite the coronavirus outbreak.
TransDigm to reduce workforce by 15% due to COVID-19
TransDigm announced it will reduce its workforce by 15% due to the COVID-19 pandemic, and plans to implement "one- to two-week furloughs" at many facilities over the next six months.
Booz Allen Hamilton commits $100 million to pandemic resilience program
Booz Allen Hamilton said it will devote more than $100 million to support its 27,000 employees and their communities in the wake of the COVID-19 pandemic.
Bath Iron Works expands benefits, increases cleaning as half of production workforce takes time off
General Dynamics' Bath Iron Works said it is increasing the number of crews disinfecting and cleaning work areas as about half of its production workforce uses time-off policies.
Raytheon, UTC complete merger
Raytheon and United Technologies have completed their merger of equals and the new company, called Raytheon Technologies, is trading its common stock on the New York Stock Exchange under the ticker symbol "RTX."
CACI International names Gordon to board
CACI International said its board of directors has added Sue Gordon, effective immediately.
Thornberry offers new DOD reform bill targeting acquisition requirements and sustainment
House Armed Services Committee Ranking Member Mac Thornberry (R-TX) has unveiled a standalone Pentagon reform bill he hopes to include in the fiscal year 2021 defense authorization bill.
Geurts projects 'major effort' this summer to correct for program, contract issues caused by COVID-19
Navy acquisition executive Hondo Geurts says he anticipates a "major effort" this summer to correct for programmatic and contractual issues caused by the coronavirus pandemic.