Lockheed Wins Contracts Worth More Than $230 Million

On Tuesday, the Department of Defense announced that it has awarded two contracts to Lockheed Martin's Mission Systems and Sensors division.

The smaller of the two contracts, for $7.5 million, modifies a previously awarded contract calling on Lockheed to install and test Aegis Combat Systems on DDG 51- and CG 47-class guided missile destroyers and cruisers, and to provide "fleet life cycle engineering in support of the program executive officer for integrated warfare systems." Work on this contract is expected to be complete by September.

The larger contract is also a contract modification, in which the Pentagon exercises a third option period on a fixed price with economic price adjustment, industrial product-support vendor contract to manage supply chains and provide logistical support for spare parts and industrial hardware relating to maintenance, overhaul, and repair missions for the Air Force. This contract, with a ceiling value of $225 million, is expected to be complete by April 19, 2016.

The article Lockheed Wins Contracts Worth More Than $230 Million originally appeared on Fool.com.

Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool owns shares of Lockheed Martin. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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