Coronavirus company news summary – Indian Navy to evacuate citizens – Orbit cancels dividend – OCCAR stays on track

6 May 2020 (Last Updated May 6th, 2020 10:27)

6 May

Orbit International Corp’s Board of Directors has cancelled its quarterly cash dividend payment due to the impact of Covid-19 pandemic. The move comes after the company suspended its share repurchase programme last month. Orbit president and CEO Mitchell Binder said the company has implemented a dual six-hour shift for its manufacturing employees and allowed salaried workers to work from home. Binder said: “As a result, productivity has been adversely affected throughout our organisation and we continue to deal with issues from our supply chain which have impacted customer deliveries.”

The Indian Navy has launched Operation Samudra Setu to commence evacuation operations. The mission is part of the government’s plan to bring back citizens stuck overseas due to lockdown imposed by several countries to fight the spread of coronavirus. The service has sent two naval ships Jalashwa and Magar to the port of Male in Maldives. The first phase of the mission will start on 8 May and will see around 1,000 people being evacuated.

The Organisation for Joint Armament Cooperation (OCCAR) has said that it delivered and achieved milestones despite Covid-19 lockdown. Some of them include factory acceptance tests for Lithuanian and German Boxer vehicles, A400M engine support contract extension, delivery of new A400M aircraft to France, making ninth Italian FREMM vessel ready for delivery, contract for naval research and technology with Franco Italian joint venture NAVIRIS and more. OCCAR noted that it did not go offline even a single day even though it faced challenges to work normally due to the outbreak.

MRI Global has won a contract from the US Department of Defense (DOD) for mobile medical labs. The company will deliver three ATHENA Next Generation Mobile Laboratories for Covid-19 sample processing and testing. Each unit will be capable of processing more than 600 samples every 24 hours. The first lab will be delivered on 13 May and the remaining two on 27 May and 17 June, respectively. The procurement has been funded by the Joint Program Executive Office for Chemical, Biological, Radiological and Nuclear Defense (JPEO-CBRND).