Lockheed Martin Cleans Up, Wins 3 Defense Contracts Worth $829 Million
The Department of Defense announced 37 new defense contracts Friday, worth a combined $2.2 billion in total value. Lockheed Martin won only three of them. But the sheer size of the contracts it won -- $829 million in all -- meant that Lockheed Martin collected nearly 38% of all funds on offer Friday. Its wins:
- $562 million -- the biggest contract awarded for the day -- in an undefinitized contract action adding funds for "CY14 Follow-on Agile Sustainment to the Raptor." This contract modification funds nine months of sustainment activities for the U.S. Air Force's most powerful stealth fighter jet, the F-22 Raptor, and will see Lockheed performing all engineering, field service, technical data, supply chain management, modification and heavy maintenance, and reliability and maintainability upgrades on the F-22. The contract should wrap up by Sept. 30, 2014.
- $255.1 million in a firm-fixed-price contract to supply the U.S. Army and Marine Corps and the Italian military with unitary and reduced range practice rockets for their Guided Multiple Launch Rocket Systems. Delivery is due March 31, 2016.
- An $11.9 million cost-plus-fixed-fee, firm-fixed-price contract to develop software and hardware for the U.S. Navy's Integrated Common Processor Program, and to produce, install, maintain, and train users to use the software and hardware by December 31, 2014. This contract includes optional extension which, if exercised, would extend its duration into 2017, and raise its cumulative value past $83.5 million.
The article Lockheed Martin Cleans Up, Wins 3 Defense Contracts Worth $829 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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