Lockheed Secures $192M in Navy Aegis Combat System Modernization Funds

Lockheed Martin (NYSE: LMT) has received a potential $192.3 million contract modification from the U.S. Navy for production support to the Aegis combat system modernization effort in fiscal 2017.

The Defense Department said Thursday Lockheed’s rotary and mission systems business will perform work in Moorestown, New Jersey; Clearwater, Florida; and Owego, New York through December 2020.

The Navy will obligate $76.6 million at the time of award from its fiscal 2017 defense-wide procurement; 2015, 2016 and 2017 “other” procurement; 2012 Navy shipbuilding and conversion; and foreign military sales funds.

Lockheed was awarded a $112.7 million contract modification in August 2016 to help the service branch address Aegis production requirements during fiscal 2016.

Aegis is designed to attack land targets, submarines and surface ships as well as protect ships against adversary aircraft, cruise missiles and ballistic missiles.

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