Lockheed's Aegis Missile Defense Expansion Passes $1.4 Billion Mark

The Department of Defense awarded Lockheed Martin's (NYSE: LMT  ) Mission Systems and Training division a $69.4 million sole-source, cost-plus-incentive-fee, cost-plus-award-fee contract modification Wednesday.

The contract, which funds Lockheed Martin's procurement of all of the material, equipment, and supplies that are necessary to conduct the planned development, testing, and integration of the Aegis Ballistic Missile Defense 5.0 capability upgrade onto U.S. Navy destroyers, is expected to be complete by May 31, 2014.

The 5.0 upgrade in question is part of a joint Navy and Missile Defense Agency project to migrate Aegis Ballistic Missile Defense capability into the DDG (i.e. guided missile destroyer) Modernization Program's Open Architecture (OA) program. If successful, the Aegis system will eventually be able to be used for ballistic missile defense aboard all Aegis-equipped destroyers and cruisers in the U.S. Navy, and potentially, aboard allied Aegis-equipped vessels, as well.

According to DoD, this latest contract award brings the value of Lockheed's underlying Aegis contract to more than $1.4 billion in total.


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

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.

DocumentId: 2386213, ~/Articles/ArticleHandler.aspx, 7/30/2014 2:27:50 PM

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...

TREND TRACKER: Get Rich When the Web Goes Dark

It's time to say "goodbye" to your Internet! One bleeding-edge technology is about to put the World Wide Web to bed. And if you act right away, it could make you wildly rich. Experts are calling it the single largest business opportunity in the history of capitalism… The Economist is calling it "transformative"... but you'll probably just call it "how I made my millions." Big money is already on the move. Don't be too late to the party – find out the 1 stock to own when the Web goes dark.


Advertisement