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Lockheed Awarded $200M to Finish GPS IIIs Satellites Five, Six

lockheed martinLockheed Martin (NYSE: LMT) has been awarded $200 million in contract options to complete production work on two GPS satellites the company is building for the Air Force.

These funds cover work to finish GPS III satellites five and six and the company could receive full production funding for vehicles seven and eight next year, Lockheed said Monday.

In February, the Air Force awarded $120 million to acquire long lead parts for GPS III satellites five through eight.

The first two satellites in the planned 32-satellite constellation. are currently on the production floor at a company plant in Denver.

GPS III satellites are intended to have a 25-percent greater lifespan than the prior GPS block and to contain a civil signal for interoperability with other navigation satellite systems.

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