Lockheed Martin Lands Piece of $475 Million Laser Guided Bomb Contract

Defense giant, Bethesda-based Lockheed Martin (NYSE: LMT) won a contract from the U.S. Air force to supply paveway II Plus Laser Guided Bomb (LGB) GBU-12 guidance kits.

The agreement is part of an overall five-year, $475 million multiple-award contract initiated August 1, 2011. Lockheed Martin took majority share of an initial $134 million paveway II Plus LGB procurement, the defense contractor's portion totaled $100.5 Million.

"The Lockheed Martin paveway II Plus LGB raises the bar in performance for paveway II accuracy and precision," stated Joe Serra, senior manager for precision guided systems in Lockheed Martin's Missiles and Fire Control business. "This contract is a testament to our commitment to continuous product improvement, combined with our ability to deliver a better performing product to our customer at the lowest cost."

Lockheed Martin says the paveway II Plus LGB guidance kits are a significant improvement in accuracy and will aid ground forces over legacy systems. The company has delivered over 55,000 kits to the U.S. Air Force, including those used in Operation Iraqi Freedom.

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