Lockheed (NYSE: LMT) Awarded $1.9 Billion from the United States Air Force - Government News | Financial Buzz

Lockheed (NYSE: LMT) Awarded $1.9 Billion from the United States Air Force

Lockheed Martin Corporation, Missile, On Tuesday evening the United States Air Force announced that they have awarded Lockheed Martin Corporation (NYSE: LMT) a fixed price contract that is valued at $1.9 billion. This contract will insure that the two missile warning satellites that Lockheed are constructing will be completed. Due to technical difficulties this contract will run through September 30, 2022.

Once the project is completed those satellites will be the fifth and sixth satellites in the Space Based Infrared System (SBIRS). The United States Air Force Space Command’s and Missile Systems Center was very happy in regards of the deal. One official said the Air Force saved over $1 billion due to the block buy style this contract is structured.

Colonel Mike Guetlein production manager said this in a statement “We eliminated unnecessary layers of program oversight and contract reporting, restructured our test program and streamlined the production schedules.”

In 2012 and 2013 Lockheed was awarded numerous funding for their projects, they noticed that once they started buying parts the orders would take months to receive. The SBIRS is an important system that protects and insures the countries safety. In the 1970’s SBIRS replaced the defense support program, which gave the United States an upgrade on its satellites. U.S. leaders are happy about this new deal in hopes that is will ease the paranoia the United States citizens have about war and terrorism.