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Lockheed Wins $111M Undersea Warfare Systems Sale

LockheedLogoLockheed Martin (NYSE: LMT) has won a $111, 512, 730 U.S. Navy contract to develop and produce undersea warfare systems that identify adversaries’ threats such as submarines and torpedoes.

This cost-plus-incentive-fee, cost-only, firm-fixed-price contract is for a foreign military sales agreement with Japan, the Defense Department said Monday.

The company;s mission systems and training business unit will build and integrate the systems and be responsible for future capability builds and technical insertion baselines under the contract.

AN/SQQ-89A(V)15 Surface Ship Undersea Warfare systems are designed to search, detect, classify, localize and track undersea contacts and mine-like small objects, the Pentagon says.

Work will occur through May 2014 and the company will initially receive $350, 000 at the time of award.

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