US Navy Awards LM $17 M For MK 41 Vertical Launching System

• 'The MK 41 is the most proven below-deck, multi-mission launching system in the world'

(Baltimore, March 10, 2010) -- The U.S. Navy recently awarded Lockheed Martin [NYSE: LMT] a $17 million contract to provide engineering design services for the MK 41 Vertical Launching System (VLS) on the U.S. Navy's Ticonderoga-class cruisers and Arleigh Burke-class guided missile destroyers.

The cost-plus-fixed fee contract combines purchases for the U.S. Navy and eight Allied navies under the Foreign Military Sales program. Included in the work is missile integration, software development, integration of VLS into new ships, technical refresh, systems engineering and life cycle support for MK 41 VLS.

"The MK 41 is the most proven below-deck, multi-mission launching system in the world," said Dan Schultz, vice president and general manager of Lockheed Martin's Ship and Aviation Systems business. "Working closely with the U.S. Navy, we have led the system design team and have been delivering, modernizing and supporting the MK 41 VLS system for more than 30 years. Its capability is second to none."

The contract includes options which, if exercised, would bring the total contract value to $104 million over four years. The work will be performed at Lockheed Martin's locations in Baltimore, MD and Ventura, CA.

The multi-missile MK 41 launcher has revolutionized the way world navies think about sea-launched weapons, providing the capabilities to respond to numerous naval warfare threats including anti-air, anti-submarine, ship self-defense, land attack and ballistic missile defense. More than 12,000 MK 41 VLS missile cells have been delivered or are on order. MK VLS systems are either in service or on order by 12 navies around the world for 186 ships in 19 different classes.

Source : Lockheed Martin Corporation (NYSE: LMT)