Lockheed Wins Contracts for Anti-Submarine Warfare, Anti-Missile Defense

The Department of Defense handed out 20 new defense contracts on Monday, awarding $717.7 million in total. Surprisingly, one single firm captured 20% of the contracts on offer: Lockheed Martin (NYSE: LMT  ) .

In a series of four wins, Lockheed secured contracts worth:

  • $111.5 million: for the firm's Mission Systems and Training (MST) division, in the form of a cost-plus-incentive-fee, cost-only, firm-fixed-price contract for the development, integration and production of AN/SQQ-89A(V)15 Surface Ship Undersea Warfare Systems. This system enables a surface warship to search, detect, classify, localize and track undersea contacts, and to engage and evade submarines, mine-like small objects and torpedo threats. Lockheed will perform the work under a foreign military sales contract benefiting the Japan Self-Defense Force with a May 2014 completion date.
  • $29.7 million: also for MST, in the form of a sole-source, cost-plus-incentive-fee/cost-plus-award-fee contract modification for post-certification support of the Aegis Ballistic Missile Defense baselines 4.0.X, 5.0 and 5.0 capability upgrade -- a project to turn Aegis into a ballistic missile defense system. This contract extension runs through Dec. 2014.
  • $8.2 million: for the firm's Missile and Fire Control division, in the form of a cost-plus-fixed-fee contract to supply Affordable Phased Array Sensor Systems to the U.S. Army. These sensors are specially designed to detect incoming missiles, helicopters, and unmanned aerial vehicles.
  • $48.2 million: in a contract award shared among Lockheed Martin Services, ABM's (NYSE: ABM  ) Government Services unit, LB&B Associates, J&J Maintenance, and EMCOR (NASDAQ: EMKR  ) Government Services. This contract to provide engineering services to the U.S. Army Corps of Engineers is actually a modification of a previously awarded firm-fixed-price, multiple-award, task-order contract, and raises the ceiling value of the initial contract.


Read/Post Comments (1) | Recommend This Article (1)

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.

  • Report this Comment On May 21, 2013, at 3:12 AM, Fight4Justice wrote:

    No matter how desperate the U.S. financial hardships, our government continues foolish and excessive military spending where the there really are no limits.

Add your comment.

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: 2442973, ~/Articles/ArticleHandler.aspx, 5/26/2015 12:24:38 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...