Please ensure Javascript is enabled for purposes of website accessibility

Exelis Wins Korean Weather-Sat Contract

By Rich Smith - Apr 8, 2013 at 5:21PM

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Specific contract value unknown, but it's "multi" millions of dollars.

Turns out Americans aren't the only people who want to know what the weather's going to be like tomorrow. On Monday, aerospace and defense firm Exelis (NYSE: XLS) announced that it has won a "multimillion dollar" contract to build an advanced geostationary weather imaging satellite for South Korea.

The Advanced Meteorological Imager, built as part of South Korea's GEO-KOMPSAT-2A program, is said to be a "Korean version of the Advanced Baseline Imager (ABI) Exelis is currently building for the U.S. National Oceanic and Atmospheric Administration and NASA," and an analog to our GOES-R series of satellites. Exelis is currently in the process of building seven of these ABI-class satellites -- four for the U.S., two for Japan, and now one for South Korea.

These satellites hold position 22,300 miles above earth, tethered to their locations so that they're able to constantly monitor specific regions of the Earth's surface, rather than orbiting around the globe. South Korea wants its satellite, in large part, to improve its ability to keep track of locally forming typhoons and similar severe weather patterns.

Exelis shares rose 0.4% in Monday trading, closing at $11.16. 

Invest Smarter with The Motley Fool

Join Over 1 Million Premium Members Receiving…

  • New Stock Picks Each Month
  • Detailed Analysis of Companies
  • Model Portfolios
  • Live Streaming During Market Hours
  • And Much More
Get Started Now

Related Articles

Motley Fool Returns

Motley Fool Stock Advisor

Market-beating stocks from our award-winning analyst team.

Stock Advisor Returns
S&P 500 Returns

Calculated by average return of all stock recommendations since inception of the Stock Advisor service in February of 2002. Returns as of 07/05/2022.

Discounted offers are only available to new members. Stock Advisor list price is $199 per year.

Premium Investing Services

Invest better with The Motley Fool. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services.