Lockheed Martin wins $361 million contract options
SYRACUSE, N.Y. (AP) — Lockheed Martin landed a $391 million contract extension from the U.S. Army to supply a new radar system, advancing a program that could ultimately yield $800 million for the company.
Lockheed on Monday said the orders represent two contract options that the Army exercised for a total of for a total of 33 radar systems to be delivered by the end of 2014. The radars, called AN/TPQ-53, or Q-53s, were previously called EQ-36s during their development and initial production.
The radar systems have been used in both Iraq and Afghanistan, the company said.
The contract options include spares, testing and training materials. If the Army exercises all the options of its contract, it could boost the total value to $800 million.
Lockheed Martin won the contract to build EQ-36s in 2007.
Shares of Lockheed Martin Corp. fell 61 cents to $90.69 in morning trading. The stock is still trading near an annual high of $92.24.
