Lockheed Martin Corp. (LMT) and Austal
Ltd. (ASB) today received a combined $1.38 billion in orders for
continued purchases of the Littoral Combat Ship, according to
the Pentagon.
The Navy’s orders, made under existing contracts, will pay for the 13th through 16th vessels in the program’s initial purchase of 20 ships divided between Bethesda, Maryland-based Lockheed and Austal based in Henderson, Australia, the Defense Department said today in a summary of contracts.
Lockheed is getting $697 million and Austal’s U.S. unit is receiving $682 million to complete work on their new vessels by mid-2018.
The Navy action underscores the service’s commitment to the $37 billion program in the face of automatic budget cuts known as sequestration that started to take effect on March 1. The ship is designed to operate in littoral waters, those close to shore, for missions from clearing mines to delivering humanitarian aid.
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The Navy’s orders, made under existing contracts, will pay for the 13th through 16th vessels in the program’s initial purchase of 20 ships divided between Bethesda, Maryland-based Lockheed and Austal based in Henderson, Australia, the Defense Department said today in a summary of contracts.
Lockheed is getting $697 million and Austal’s U.S. unit is receiving $682 million to complete work on their new vessels by mid-2018.
The Navy action underscores the service’s commitment to the $37 billion program in the face of automatic budget cuts known as sequestration that started to take effect on March 1. The ship is designed to operate in littoral waters, those close to shore, for missions from clearing mines to delivering humanitarian aid.
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