Lockheed Martin Wins $74.3M Contract for International Defense Systems
What happened
Lockheed Martin secured a $74.3 million contract from the Navy to produce electronic surveillance warning systems designed to counter anti-ship missiles. This contract is an addition to an existing firm-fixed-price agreement. The purchases are primarily for Canada and Japan, with approximately $38.4 million coming from Canada and $35.4 million from Japan, and 1% from the U.S. Coast Guard.
From morningstar.com
Why it matters
The contract increases the Navy's procurement of defense technology. The work is scheduled to take place in Liverpool, N.Y., and Lansdale, Pa., and is expected to be completed by September 2029.
From morningstar.com
Who's involved
- Lockheed MartinThe US aerospace and defense manufacturer that secured the contract.
- Naval Air Systems CommandThe U.S. Navy agency providing the procurement for the surveillance systems.
- PENTAGONThe organization that announced the contract addition from the Navy.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- Lehigh CountySpeculative
Local economic activity might increase due to manufacturing jobs in Lansdale.
- PENTAGONSpeculative
Defense spending might increase due to the new contract.
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The entities involved
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Lockheed Martin
US aerospace and defense manufacturer