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Lockheed Receives $176M Army Funds for Missile System Lifespan Extension Work

Lockheed Martin (NYSE: LMT) has secured a three-year, $175.5 million contract modification to continue support services for the U.S. Army’s Guided Missile and Launching Assembly Service Life Extension Program.

The service branch used fiscal 2020 procurement appropriations to cover the full obligated amount, the Department of Defense said Thursday.

Work under the modification is scheduled to run through March 24, 2024, and will take place in Grand Prairie, Texas.

Lockheed initially received a $561.8 million hybrid contract in July 2019 to help the Army and foreign military sales customers increase the lifespan of existing missile and launch systems.

The public-private partnership has worked to categorize and replace legacy system components through the program.

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