Lockheed Martin Gets $321 Million Contract to Continue LRASM Integration and Test Program

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Lockheed Martin
LMT
revealed that it has been granted a $321.8 million sole-source contract by the U.S. Navy for the continuation of the Long Range Anti-Ship Missile (LRASM) integration and test phase. According to the company, the integration and test contract funds continuation of LRASM flight testing and integration onto the U.S. Air Force B-1B and the U.S. Navy F/A-18E/F aircraft. The company added that LRASM early operational capability for the U.S. Air Force and Navy is expected in 2018 and 2019 respectively. Lockheed Martin's Missiles and Fire Control program director for LRASM, Mike Fleming, commented, "The LRASM team has successfully met all requirements on an accelerated acquisition timeline in an effort to give our warfighters a much-needed robust, anti-ship capability. LRASM will give warfighters the ability to engage in previously denied battle environments." That company indicated that its LRASM was selected as the Increment I solution for the Offensive Anti-surface Warfare (OASuW) program. It added that after a competition in 2009, the Defense Advanced Research Projects Agency selected its LRASM to provide a demonstration of OASuW air-launched capability to defeat emerging sea-based threats at significant standoff ranges. Lockheed Martin said that the success of that demonstration prompted initiation of an accelerated acquisition program, which is now led by the U.S. Navy. LRASM is a precision-guided anti-ship standoff missile leveraging its successful Joint Air-to-Surface Standoff Missile Extended Range heritage, and is designed to meet the needs of U.S. Navy and Air Force warfighters in an advanced anti-access/area-denial threat environment. Shares of the company traded 0.12 percent down on Thursday.
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