Lockheed Secures Potential $287M Navy Towed Array Production Contract

Lockheed Martin (NYSE: LMT) has received a potential five-year, $286.8M contract from the U.S. Navy to produce, test and deliver towed arrays for the service branch.

The sole-source contract includes engineering support to facilitate repairs and refurbishment of current towed arrays and has a base amount of $16.4M, the Department of Defense said Friday.

Naval Information Warfare Systems Command will obligate $300K in operations and maintenance funds for fiscal year 2020 at the time of award.

Lockheed’s rotary and mission systems will perform work in Liverpool, N.Y., through February 2025.

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