ORLANDO, Fla., Jan. 17, 2013 /PRNewswire/ -- Lockheed Martin (NYSE: LMT) has received a $90.6 million Performance Based Logistics (PBL) contract from the U.S. Army for sustainment of the Modernized Target Acquisition Designation Sight/Pilot Night Vision Sensor (M-TADS/PNVS) system.
The firm, fixed price contract provides a comprehensive sustainment solution that enables mission readiness, reduces operation and support costs, and drives reliability and maintainability improvements. This is the first of three options under the $111 million PBL contract awarded in 2012. The total four-year contract value is $375 million.
M-TADS/PNVS is the advanced electro-optical fire control system that Apache helicopter pilots use for safe flight in day, night or bad weather missions. It provides Apache pilots with long-range precision engagement and flying capabilities.
"Lockheed Martin works closely with the U.S. Army to provide highly reliable products to the warfighter while implementing efficiencies and cost-saving measures," said Tom Eldredge, program director of M-TADS/PNVS international and support programs at Lockheed Martin Missiles and Fire Control. "The U.S. Government and industry teams are focused on the continuous improvement of processes, services and products that benefit our warfighters."PBL is a strategy for system product support that employs an integrated, affordable performance package designed to optimize system readiness. PBL offers supply availability that maximizes mission effectiveness and allows Apache aircrews to depend on the situational awareness and targeting accuracy provided by M-TADS/PNVS. Lockheed Martin Missiles and Fire Control is a 2012 recipient of the U.S. Department of Commerce's Malcolm Baldrige National Quality Award for performance excellence. The Malcolm Baldrige Award represents one of the highest honors that can be awarded to American companies for achievement in leadership, strategic planning, customer relations, measurement, analysis, workforce excellence, operations and business results. Headquartered in Bethesda, Md., Lockheed Martin is a global security and aerospace company that employs about 120,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. The corporation's net sales for 2011 were $46.5 billion. For additional information, visit our website: http://www.lockheedmartin.com SOURCE Lockheed Martin
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV