General Dynamics Corp. says it won a contract from the Canadian government worth more than $1 billion to upgrade the country's fleet of light armored vehicles.

The Falls Church, Virginia, company said Friday that the contract, valued at about $1.06 billion Canadian ($1.04 billion), involves 550 LAV III combat vehicles. The improvements will provide more protection against land mines and improvised explosive devices, and will extend the life cycle of the fleet to 2035. General Dynamics said it expects to complete the work in 2017.

The company said the upgrades will be done at General Dynamics facilities in Edmonton, Alberta, and London, Ontario, and at other suppliers across Canada.

Shares of General Dynamic gained $1.79, or almost 3 percent, to $64.96 in afternoon trading.