Lockheed Martin wins three defense contracts worth over $1.3bn

Investing.com -- The U.S. Department of War awarded Lockheed Martin Corp. three defense contracts totaling more than $1.3 billion on Monday.

The largest contract, valued at $1.21 billion, covers the Precision Strike Missile Increment 2 Early Operational Capability. The cost-plus-fixed-fee, firm-fixed-price, indefinite-delivery/indefinite-quantity contract is expected to be completed by Sept. 13, 2031. One bid was solicited and received. Army Contracting Command, Redstone Arsenal, Alabama, manages the contract.

Lockheed Martin's Grand Prairie, Texas facility also secured a $97.64 million contract for the Multiple Launch Rocket System recapitalization. Work will take place in Camden, Arkansas, and in Grand Prairie and New Boston, Texas. The contract is expected to be completed by Sept. 4, 2031. Fiscal 2025 missile procurement Army funds in the amount of $97.64 million were obligated at the time of the award.

The company's Missile and Fire Control division in Orlando, Florida received a $13.17 million modification to an existing contract for Joint Air-to-Surface Standoff Missile tooling and test equipment for increased Long Range Anti-Ship Missile production. The modification brings the total contract value to $476.12 million from $462.95 million. Work is expected to be completed by Nov. 29, 2028.

The modification involves Foreign Military Sales to an undisclosed country. Fiscal 2025 and 2026 Navy weapons procurement funds totaling $11.72 million, along with $1.45 million in Foreign Military Sales funds, were obligated at the time of award.

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