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Lockheed Wins $241M For AF Lot 10 Cruise Missiles

Lockheed Martin (NYSE: LMT) has won a $241.6 million contract to provide a tenth lot of cruise missiles to the U.S. Air Force, the company announced Thursday.

The company will produce 191 baseline missiles, 30 extended range missiles, test instrumentation kits and also provide systems engineering support.

Lockheed said it has assembled more than 1, 100 Joint Air-to-Surface Standoff Missiles for testing and operation, adding its goal is to make 4, 900 JASSM and JASSM-ER missiles.

Low rate initial production will start in the third quarter of 2012, the company said.

The company received the lot ten contract after the Australian air force certified the missile for its F/A-18 fleet and the U.S. Air Force approved it for integration onto the F-15E.

Future integration efforts will focus on U.S. and international version’s of Lockheed’s F-35 jet, the company said.

Finland plans to purchase $237 million in JASSM-type missiles through a foreign military sales agreement.

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