Lockheed Martin Corp. (NYSE: LMT) has won a $79.4 million U.S. Defense Department contract to develop a guided rocket system, the company announced Tuesday.
The Bethesda, Md.-based contractor will design a variant of the guided multiple launch rocket system that incorporates a new warhead.
The program is scheduled to run 36 months and the Pentagon wants a unitary, all-weather, precision-guided rocket, according to the company.
The rocket will serve as a drop-in replacement for the dual-purpose improved conventional munition warhead.
The company also recently won a $11 million U.S. Army contract to convert M270 rocket launchers into the M270D1 status and provide associated hardware and support.