Lockheed Martin Lands $1.5B Contract
May 30, 2009 by Stephen Kersey
Filed under Business
Lockheed Martin got good news on Friday when they were notified by the United States Air Force that they landed a contract worth nearly $1.5 billion. The contract deals with satellite technology.
Lockheed Martin (Image: Flickr)
Following the news of the contract, stock for Lockheed Martin shot north. The latest numbers has Lockheed Martin stock valued at more than $83.60.
The Air Force will use Lockheed Martin’s satellite work to do a number of tasks including the ability to track missiles from hostile locations. The program for this specific satellite is called SBIRS — or Space Based Infrared Systems.
Going by revenue, Lockheed Martin is billed as the biggest defense contractor in the entire world. It’s revenue in 2008 was believed to be more than $42 billion. The company is currently headquartered in Bethesda, Maryland.
