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Lockheed Awarded Potential $426M Contract for Aegis Combat System Support Work

Lockheed Martin (NYSE: LMT) has received a potential $426 million contract from the U.S. Navy to build and field the Aegis Weapon System and the integrated Aegis Combat System on three of the military branch’s Arleigh Burke-class destroyer ships.

The Defense Department said Friday that Lockheed will provide follow-on support services  for USS Thomas Hudner (DDG 116),  USS Paul Ignatius (DDG 117) and USS Daniel Inouye (DDG 118) destroyers.

The contract has a base value of $157.4 million and work will occur in New Jersey and Pennsylvania, among other locations, through September 2017.

The Navy will obligate $81.2 million at the time of the award from its fiscal 2016 operations and maintenance; fiscal 2016 research and development test and evaluation; fiscal 2015 and 2016 other procurement; and fiscal 2013 shipbuilding and conversion funds.

Lockheed designed Aegis to help the service branch guard ships against aircraft, cruise missiles and ballistic missiles as well as engage land targets, submarines and surface ships.

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