The U.S. Army on Thursday awarded Sig Sauer a contract worth $580 million to make the next service pistol based on the company's P320 handgun.

Sig Sauer beat out Glock Inc., FN America, and Beretta USA, the maker of the current M9 9mm service pistol, in the competition for the Modular Handgun System.

"We are both humbled and proud that the P320 was selected by the U.S. Army as its weapon of choice," Ron Cohen, chief executive officer of Sig Sauer, said in a statement to Military.com at SHOT Show, the world's largest gun show, taking place this week in Las Vegas.

The 10-year agreement calls for Sig to supply the Army with full-size and compact versions of the gun. The pistols can be outfitted with silencers and accommodate standard and extended capacity magazines. The firearms will be manufactured at the company's facilities in New Hampshire.

Sig touts the P320 model product as "modular" and "adaptable," with interchangeable grips, multiple sizes and calibers that can be converted between 9mm, .357SIG and .40S&W. "From calibers, to pistol size, to the grip fit best suited for the shooter, the P320 is the most adaptable pistol available today," the company says in promotional materials.

Two sources confirmed to Military.com that Sig submitted to the Army .40-caliber and 9mm pistols for consideration. One source said the Army ultimately selected the 9mm version.