(By Balaseshan) Lockheed Martin Corp. (NYSE: LMT) said it has received Apache M-TADS/PNVS performance based logistics contract from the U.S. Army.
Lockheed Martin has received a Performance Based Logistics (PBL) contract worth $90.6 million 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.
In a separate release, the company said its family of Joint Light Tactical Vehicles (JLTV) successfully completed a top-to-bottom government design review in late December, well ahead of the first Engineering and Manufacturing Development (EMD) JLTVs that will begin rolling off the assembly line this spring.
The Design Understanding Review, which was held December 18 through 20, assessed all elements of Lockheed Martin's JLTV design and confirmed its overall maturity and requirements compliance.
In August 2012, Lockheed Martin received a $65 million contract from the Army and Marine Corps to continue developing its JLTV design through the EMD phase. Assembly of the first EMD JLTVs is under way at BAE Systems' military-vehicle manufacturing plant in Sealy, Texas.
LMT is trading up 0.66% at $94.17 on Thursday. The stock has been trading between $80.14 and $95.92 for the past 52 weeks.