Military
Lockheed Martin Wins a Quarter-Billion Dollars' Worth of Defense Contracts
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The Department of Defense awarded 13 defense contracts in its Monday evening announcement of contract awards. The total value of contracts awarded was $583.4 million. But one single company, Lockheed Martin (NYSE: LMT), claimed than 43.5% of the funds announced, all for itself.
The $253.9 million in contract wins that Lockheed Martin landed Monday included:
The biggest award of the day, a $212.3 million modification of the terms of an indefinite-delivery/indefinite-quantity foreign military sales contract to provide services to the Patriot Advanced Capability-3 Missile Support Center. This contract, which was originally awarded to Lockheed Martin in March of last year, benefits, and includes sales to, the militaries of Germany, Japan, Kuwait, the Netherlands, Taiwan, and the United Arab Emirates. Its estimated completion date is Dec. 31, 2017.
A $31.8 million option exercise to supply the U.S. Navy with nine TB-37/U Multi-Function Towed Array, or MFTA, production units, tow cables, electro-optical slip rings, drogues, and related equipment and engineering services. The TB-37/U MFTA is the Navy’s next generation passive and active sonar receiver. Succeeding the AN/SQR-19 Tactical Towed Array System, it provides surface combatants with greater range and area coverage, along with increased capability and reliability, helping these ships to better detect, localize, and prosecute undersea threats. Delivery is due July 2016.
A $9.8 million contract modification to execute Mode 5 Identification Friend or Foe for U.S. Navy F-35 stealth fighter jets. Work on this contract is expected to be complete by May 2016.
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