Veteran-owned Pond Security has lost its contract with the Army to provide security at its posts in Germany to German company Sicherheit Nord.
Pond Security is owned and operated by Army veteran Daniel Pond and has been providing security for the Army in Germany since the 1980s, when he started the company, eventually becoming the only security provider for the Army's posts in the European country,
Stars and Stripes is reporting.
The Army signed a multi-year contract with the German security company on Jan. 2 for $322 million. Sicherheit Nord provides security at German military bases as well.
The transition between the two companies has already begun and is expected to be completed by the end of May.
The loss of the Army contract is considered a major blow to Pond, which made up about 80 percent of his business, he said. He still has contracts with the Air Force and other commercial entities.
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