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Air Force Awards Lockheed Martin $405 Million In GPS III, SBIRS Contracts

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The Air Force recently awarded Lockheed Martin [LMT] nearly $405 million in space systems contracts, kick-starting work on additional Global Positioning System (GPS) III and Space-Based Infrared Systems (SBIRS) satellites. Lockheed Martin was awarded a $284.4 million fixed-price incentive firm target contract for advanced procurement for the SBIRS GEO 5-6 program, the Air Force said Wednesday. Lockheed Martin Military Space Vice President and General Manager Mark Valerio said yesterday in a statement the contract authorizes procurement of long-lead parts for…

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