Lockheed Martin Wins $107 Million Air Force Contract

Jun 25, 2008 (financialwire.net via COMTEX) -- LMT | Quote | Chart | News | PowerRating -- June 25, 2008 (FinancialWire) Lockheed Martin (NYSE: LMT | Quote | Chart | News | PowerRating) (Current Market Cap: US$41.80 Bil.) has received a U.S. Air Force contract valued at $107 million for a seventh production lot of the JASSM cruise missile. The contract award will bring total contracted quantities of the cruise missile to 1,053.

The contract is for procurement of 111 JASSM production missiles, along with systems engineering and flight test support. In recent flight tests on the B-52 and B-1 aircraft, the standoff cruise missile was used against a variety of targets, including hardened, underground bunkers and air defense systems.

Lockheed Martin produces JASSM in Troy, Alabama at its Pike County operations facility. The site has been producing JASSM production missiles since late 1999. JASSM Lot 5 missile deliveries are expected to be completed in 2008. The U.S. Air Force plans to procure 4,900 JASSMs over the life of the program.

A 2,000-pound class weapon with a dual-mode penetrator and blast fragmentation warhead, JASSM cruises autonomously in adverse weather, day or night, using an infrared seeker in addition to the anti-jam GPS to find a specific aimpoint on the target. Its stealthy airframe makes it extremely difficult to defend against. The missile is integrated on B-1, B-2, B-52 and F-16 aircraft. It is also planned for integration on the F-15.

Bethesda, Maryland-based Lockheed Martin employs about 140,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of technology systems, products and services. The company reported 2007 sales of $41.9 billion.

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