The Army has initially ordered 24,000 M4A1 carbines from Remington, and deliveries will start in September 2013.
Multiple reports, including one from Gannett's Army Times, have stated that the initial order of 24,000 is valued at over $16 million.
The rifles will be manufactured at Remington's Ilion, N.Y. factory. The contract has a procurement maximum of 120,000, which the Army Times estimates would take the deal's value to over $80 million.
Prior to the contract announcement, the Army had been receiving M4 Carbines from Colt. It is not yet known what repercussion's Remington's new deal will ultimately have on Colt's relationship with the military.