Lockheed Receives $491M Modification on Navy Aegis Weapon System Production Contract

lockheed martinLockheed Martin (NYSE: LMT) has been awarded a $490.6 million contract modification to produce Aegis weapon system ship sets and spares for the U.S. Navy as well as Japan and South Korea under the foreign military sales program.

The Defense Department said Friday Lockheed’s mission systems and training division will manufacture ship sets and related parts for the production, testing and installation of Aegis Weapon System MK-7.

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Lockheed will also perform engineering services and provide support equipment to address project requirements of the Navy’s Arleigh Burke-class shipbuilding program.

The company will carry out work in New Jersey, Florida and New York through May 2022.

The Navy obligated the full amount of the modification from its fiscal 2010 and 2016 shipbuilding and conversion and foreign military sales case funds at the time of award.

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