Lockheed wins $8 billion contract for U.S. Special Forces

Lockheed Martin Corp. (NYSE: LMT) has won an $8 billion contract for global logistics support services and special operations forces with the U.S. military, according to the Pentagon, Reuters reported.

Headquartered in Bethesda, Maryland, Lockheed Martin is a global security and aerospace company that employs approximately 97,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services.

The 10-year contract extends Lockheed's current support contract that was scheduled to expire in September of 2018. The Pentagon said multiple other firms competed for the contract, which covers support for the Army's Green Berets and Rangers and the Navy's SEALs.The U.S. military often relies on outside contractors to perform support services including logistics at warehouses and depots as well as maintenance, modifications and repairs on equipment like airplanes and vehicles.

"After nearly a decade of successful logistics and sustainment performance on the SOF CLSS program, we look forward to continuing to transform the SOF logistics enterprise on a global scale," said Paul Lemmo, vice president of Fire Control/SOF CLSS at Lockheed Martin Missiles and Fire Control. "We are honored to have been selected for the SOF GLSS program and have the right team in place to ensure our Special Operators have what they need, when and where they need it."

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