GE, Ford sign $336 million federal contract for ventilator production
The ventilator Ford and GE are producing is being licensed from Florida-based Airon Corp., a small, privately held company specializing in high-tech pneumatic life support products. The devices operate on air pressure without the need for electricity.
The Department of Health and Human Services said it has finalized contracts to produce or acquire more than 41,000 ventilators by the end of May, and over 187,000 ventilators by the end of the year. "These companies and their incredibly dedicated workers will ensure that our country can provide our hospitals and healthcare providers with the ventilators needed to sustain and save lives during this pandemic," Secretary of Health and Human Services Alex Azar
Shares of Ford were down 1.6% during trading Thursday afternoon to $4.94, while shares of GE were down 3.2% to $6.30.
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