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Lockheed Martin Completes GPS IIIB Milestone

DDN

Thursday, June 24th, 2010

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Lockheed Martin [LMT] said on Monday that it successfully completed a key requirements review for the Global Positioning System (GPS) IIIB satellite series under the Air Force's next generation GPS III Space Segment program. Lockheed Martin Space Systems, Newtown, Pa., is working under a $3 billion development and production contract to produce up to 12 GPS IIIA satellites, with first launch projected for 2014. The contract, which features a "back to basics" acquisition approach to low-risk constellation sustainment and technology…

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