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.

You may also be interested in...

Sherlonda Goode-Jones Guidehouse

Sherlonda Goode-Jones Appointed to Lead Guidehouse Public Sector Financial Services Practice

Sherlonda Goode-Jones, a 22-year government advisory services industry veteran, has been named public sector financial services practice leader at Guidehouse. Her appointment is part of a series of executive appointments aimed to drive growth in the company's financial services segment.

Leigh Palmer SVP of Defense General Dynamics IT

General Dynamics Unit Lands $761M Contract to Modernize Southcom IT Platform; Leigh Palmer Quoted

General Dynamics' (NYSE: GD) information technology business has secured a $761.6M contract to update and secure information technology infrastructure that supports the U.S. Southern Command mission. “Through this contract, GDIT will modernize the Command's IT infrastructure through innovation and emergent technology," said Leigh Palmer, senior vice president of GDIT's defense division.