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Lockheed Awarded $86M to Begin Long-Range Anti-Ship Missile Production for Air Force

The U.S. Air Force has awarded Lockheed Martin (NYSE: LMT) an $86.5 million contract modification to build a first batch of precision-guided missile systems designed to identify and destroy sea-based threats.

Lockheed’s missiles and fire control business will manufacture 23 Long-Range Anti-Ship Missiles at a company facility in Orlando, Florida, the Defense Department said Tuesday.

The company was awarded a $321.8 million sole-source contract in May last year to support the flight test and integration of LRASM technology onto the Air Force’s B-1B bomber and the U.S. Navy‘s F/A-18E/F  fighter aircraft.

Work under the modification is scheduled to finish Sept. 29, 2019.

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