Lockheed Martin awarded nearly $30M modication to Navy contract

SALINA — The Lockheed Martin Corp. (NASDAQ: LMT) plant in suburban Syracuse has won a more than $29.8 million modification to a previously awarded contract to exercise an option for U.S. Navy equipment. Work will be performed in the town of Salina (67 percent) and Millersville, Maryland (33 percent), and is expected to be completed by July 2026, according to a June 24 contract announcement from the U.S. Department of Defense. Fiscal 2024 other procurement (Navy) funds totaling more than $7.6 million (26 percent); fiscal 2024 other procurement (Navy) - spares funds of $6.95 million (23 percent); fiscal 2023 shipbuilding and conversion (Navy) funds totaling nearly $11.5 million (38 percent); and fiscal 2022 shipbuilding and conversion (Navy) funds of more than $3.8 million (13 percent), will be obligated at time of award and will not expire at the end of the current fiscal year, per the contract announcement. The Naval Sea Systems Command in Washington, D.C. is the contracting authority.