OWEGO – Lockheed Martin (NYSE: LMT) has a new five-year contract worth $1.05 billion to provide more than 200 digital cockpits and mission systems and sensors for Navy helicopters.
Lockheed’s Owego plant will handle the work. It involves MH-60R and MH-60S helicopters. The MH-60R is an anti-surface and anti-submarine warfare helicopter while the MH-60S is used for ship-to-ship cargo resupply, search and rescue, and close-in defense of Navy ships.
The helicopters themselves are manufactured by Sikorsky Aircraft.
(Sponsored)
Inflation and Insurance Rates: How to Offset the Impact
Many industries have been hit by inflation where it hurts the most, our pockets. Inflation is raising the price of goods and services including food, housing, transportation, and medical care.
Small Business Accounting Errors and How to Avoid Them
Running a small business presents many challenges, which can draw your attention in multiple directions at once. Keeping track of your company’s finances is essential to its long-term success and
“This contract award ensures uninterrupted, on-time deliveries of the MH-60R and MH-60S helicopter to the U.S. Navy fleet,” Dan Spoor, vice president of aviation systems for Lockheed Martin’s mission systems & sensors business, said in a news release. “Plus the multi-year structure, versus an annual contract, allows us to provide our customer with more than 10 percent savings annually, surpassing Pentagon cost predictions.”
Lockheed employs about 2,300 people in Salina and another 2,900 at a plant in Owego. The defense contractor has 123,000 employees worldwide.
The company generated net sales of $46.5 billion in 2011 and earned about $2.7 billion.
Contact Tampone at ktampone@cnybj.com
