Lockheed Martin Corp. (NYSE: LMT) was recently awarded a $16.3 million firm-fixed-price contract for the refurbishment of rocket motors and thrust vector control used on vertical-launch assemblies for anti-submarine rocket-assisted torpedoes.
If the option is exercised, the work will be completed by July 2023, bringing the total value of the pact to more than
$30.6 million, according to a July 9 U.S. Defense Department contract announcement.
A little more than one-fourth (27 percent) of the work will be performed at the Lockheed Martin plant in Owego. The rest of the work will be completed in Baltimore, Maryland (44 percent) and Dulles, Virginia (29 percent).
The base period of this contract is expected to be completed by October 2022. Weapons procurement funds (Navy) in the full amount of $16,345,048 will be obligated at time of award and will expire at the end of the current fiscal year.