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  • Saturday, November 16, 2024

James Geurts: Navy Releases $600M in Withheld Defense Contractor Payments

Jeff Brody
James Geurts

James Geurts, acquisition chief at the U.S. Navy and a 2020 Wash100 Award winner, said the service has provided defense contractors $600M in payments it previously put on hold to ensure performance on awarded contracts, Reuters reported Tuesday.

He told reporters during a conference call Tuesday the service expects the funds to help defense suppliers stay afloat as they encounter financial difficulties amid the coronavirus pandemic.

Geurts noted in early April that he had authorized “hundreds of millions” of payments to major contractors like Huntington Ingalls Industries (NYSE: HHI) and General Dynamics (NYSE: GD).

Representatives from HII and General Dynamics said the Navy was not withholding payments from them due to poor contract performance.

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