Two new Department of Defense (DOD) contracts were announced for Lockheed Martin (LMT) on Friday. The U.S. Air Force awarded a new $15 billion contract to Lockheed Martin, while a new $935 million contract with the U.S. Navy was also won by the defense manufacturer.
The new Air Force contract is for the development and completion of a new C-130J transport aircraft. Maryland-based Lockheed Martin is expected to carry out all work for the defense aircraft in their Marietta, Georgia location. The contract is set to be completed and fulfilled by July 16th, 2030.
The U.S. Navy contract awarded to Lockheed Martin is to be carried out in multiple states, including Texas, Florida, California, and New York. A small portion of work for the project will also be completed in the United Kingdom. With this contract, the U.S. Navy seeks autonomic logistics information system hardware, supportive equipment, site activations, and training systems concerning the F-35 Lightning II. The contract is expected to be fulfilled and completed by March of 2026.
Two other smaller but notable DOD contracts were also awarded to Lockheed Martin on Friday. The contracts included an $11 million research project for support of the Defense Advanced Research Projects agency to be completed by September of next year and $1 million in research funding related to the testing, building, assembly, and more of a missile to be completed in 2022.
Intentions of Chinese sanctions were announced earlier this week due to Lockheed Martin’s involvement with the U.S. providing Taiwan with parts for the Patriot missile that were refurbished. Lockheed Martin closed the market on Friday up 0.72% to $368.50.
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