Lockheed Martin Wins a Quarter-Billion Dollars’ Worth of Defense Contracts

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By Douglas A. McIntyre Updated Published
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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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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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