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Lockheed Gets $7.2B Air Force Follow-On Contract for GPS III Satellites

Lockheed Martin (NYSE: LMT) has secured a potential $7.2B follow-on contract from the U.S. Air Force to build an additional 22 GPS III satellites.

The service said Friday it expects the initial GPS IIIF satellite to be available for liftoff by 2026 under the fixed-price contract.

“Getting to a manufacturing steady state in a fixed-price environment will allow us the opportunity to realize substantial cost savings, deliver on a planned schedule and provide avenues for needed warfighter capability upgrades in the future,” said Lt. Gen. John Thompson, commander of Air Force Space Command’s space and missile systems center and program executive officer for space.

Lockheed submitted its bid for the GPS III Follow-On program in April two months after the service issued a solicitation for the satellite development initiative.

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