The Department of Defense issued 25 new contracts on Monday worth a little more than $903 million combined. Lockheed Martin took home two of these awards -- one for supplying arms to the U.S. military and one for supplying arms to an ally.
The U.S.-oriented contract, for $7 million, went to Lockheed's Mission Systems & Training unit, which will supply 10 Organic Airborne Mine Countermeasures Technical Insertion Common Console (TICC) kits for use aboard Sikorsky MH-60S Seahawk combat search and rescue helicopters. The Organic Mine Countermeasures are part of a tow cable device manufactured by Exelis, which is used when the helicopter is configured for minesweeping operations, to sweep for, detect, and neutralize seaborne anti-ship mines. This contract should be completed in September 2015.
Lockheed's other contract, a sole-source acquisition contract for $7.4 million, is for the supply of radar data processors for the Royal Australian Navy. Its completion date is set for August 2016.
The article Lockheed Wins Contracts for Minesweeping Equipment, Radar Data Processors 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 may not 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.