Lockheed Wins $62 Million for Work on New GPS Sats

On Friday, the Department of Defense announced that it has awarded Lockheed Martin (NYSE: LMT  ) a $62 million firm-fixed-price contract to perform work on Global Positioning System III, or GPS III, Space Vehicles 5 and 6. Work is expected to be completed by June 30, 2017.

To be clear, this is a different contract from the $1.9 billion awarded to Lockheed for its work on "space vehicle five and six production launch operations" under the Advanced Extremely High Frequency communications-satellite program. Same number of satellites, so far -- but a different kind of satellites.

Lockheed describes GPS III as the next-generation satellite system, designed to take the place of America's current GPS constellation, the satellites of which "are aging quickly." GPS III, according to Lockheed, "will improve position, navigation, and timing services and provide advanced anti-jam capabilities, yielding superior system security, accuracy, and reliability." Lockheed continued: "The first GPS III satellites will deliver signals three times more accurate than current GPS spacecraft and provide three times more power for military users, while also enhancing the spacecraft's design life and adding a new civil signal designed to be interoperable with international global navigation satellite systems."

Lockheed's partners on the project include Exelis (NYSE: XLS  ) , General Dynamics (NYSE: GD  ) , Honeywell (NYSE: HON  ) , and Alliant TechSystems (NYSE: ATK  ) , among others. This team is expected to produce at least the first dozen satellites in the GPS III constellation, and perhaps more. Ultimately, the U.S. intends to field a GPS III constellation of as many as 32 satellites. 


Read/Post Comments (0) | Recommend This Article (2)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2246542, ~/Articles/ArticleHandler.aspx, 11/29/2014 1:46:09 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement