Lockheed Wins $201 Million GPS Satellite Contract
Dec 12th 2013 11:06PM
Updated Dec 12th 2013 11:08PM
The Department of Defense announced nine new defense contracts on Thursday worth $1.31 billion. Lockheed Martin didn't win the biggest of these contracts. That honor went to Boeing. But Lockheed did win the second-largest award -- a $200.7 million contract modification to a contract to build GPS III space vehicles 05 and 06.
The contract being modified was originally awarded to Lockheed Martin on May 15, 2008, being then described as "a new contract for the first increment, of the next generation of Global Positioning System (GPS Base IIIA) ... a satellite-based radio navigation system that serves military and civil users worldwide... [using] existing capabilities [to] introduce a new L1C civil signal, increase earth coverage M-Code power for authorized military users, provide a graceful growth path to achieve full capabilities development document threshold requirements, and continue support for the Nuclear Detonation Detection System mission."
This original contract was valued in excess of $1.46 billion, and has subsequently been modified -- and had dollars added to its value. The modification announced today covers work that should be completed by Dec. 14, 2017.
The article Lockheed Wins $201 Million GPS Satellite Contract 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.