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Lockheed Martin Receives $71 Million Long Range Anti-Ship Missile Contract From The U.S. Navy

Stocks in this article: LMT

In the news release, Lockheed Martin Receives $71 Million Long Range Anti-Ship Missile Contract from the U.S. Navy, issued 05-Mar-2013 by Lockheed Martin over PR Newswire, we are advised by the company that the headline reference to "the U.S. Navy" should be "DARPA" and the first paragraph, first sentence, reference to "the U.S. Navy" should be "the Defense Advanced Research Projects Agency (DARPA)". The complete, corrected release follows:

Lockheed Martin Receives $71 Million Long Range Anti-Ship Missile Contract From DARPA

ORLANDO, Fla., March 5, 2013 /PRNewswire/ -- Lockheed Martin [NYSE: LMT] has received a $71 million Long Range Anti-Ship Missile (LRASM) modification contract from the Defense Advanced Research Projects Agency (DARPA) to conduct air- and surface-launched flight tests and other risk reduction activities.  

Under this contract, an additional air-launched LRASM flight test will be conducted from a B-1B in 2013. There are already two air-launched flight tests scheduled for this year as part of the Phase 2 LRASM contract awarded in 2010.

The contract also includes two surface-launched LRASM flight tests scheduled for 2014. Risk reduction efforts, such as electromagnetic compatibility testing of the missile and follow-on captive carry sensor suite missions, are also included under the contract.

LRASM is an autonomous, precision-guided anti-ship standoff missile based on the successful JASSM-ER, and is designed to meet the needs of U.S. Navy and Air Force warfighters. LRASM is in development with the Defense Advanced Research Projects Agency and the Office of Naval Research.

"This contract modification furthers the development of LRASM as we are committed to provide the Navy with an offensive anti-surface weapon (OASuW) alternative that is compatible with multiple platforms," said Mike Fleming, LRASM air-launched program manager at Lockheed Martin Missiles and Fire Control.  

Lockheed Martin is also investing internal research and development funds in LRASM's shipboard integration with the Weapon Control System and MK 41 Vertical Launching System. As part of this investment, Lockheed Martin successfully demonstrated the mission planning of a LRASM-based OASuW capability using a simulated surface ship Weapon Control System.

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