Lockheed Martin Corp. (New York:LMT) snagged a contract modification worth $83.2 million from the US Department of Defense for producing additional missiles under the Army's Conventional Prompt Strike program, the agency reported.
The modification of the existing contract with the US Navy under the 'cost-plus-incentive-fee' scheme involves funding the procurement of ready-made munitions for the needs of the US Army. The work will be carried out by Lockheed Martin Space in Littleton, Colorado, under contract N00030-22-C-1025.
The work will be distributed across several locations in the U.S.: 31% in Denver, Colorado, 26% in Magna, Utah, 14% in Cortland, Alabama, 10% in Simsbury, Connecticut, 7% each in East Aurora and Owego, New York, and 2% in Sunnyvale, California. The remaining 3% will be allocated to other sites.
The U.S. Army will allocate $79.3 million from missile procurement funds as part of the 2025 fiscal year budget at the time of contract signing. These funds will not be canceled at the end of the current fiscal year.
The contract was executed on a non-negotiable basis by the strategic systems management in Washington, D.C., in accordance with Section 10 of the U.S. Code, Article 3204 (a)(1). Completion of the work is expected by 30.06.2029.