Lockheed Martin’s suburban Syracuse plant wins almost $10M Navy contract modification

SALINA, N.Y. — The Lockheed Martin Corp. (NYSE: LMT) plant in the Syracuse area has been awarded a nearly $9.7 million modification to a previously awarded contract from the U.S. Navy. 

The cost-plus-incentive-fee modification to the pact is for the design, prototyping, and qualification testing of submarine electronic-warfare equipment, according to a contract announcement the U.S. Department of Defense made on May 7.

Work will be performed at Lockheed’s facility in the town of Salina and is expected to be completed by February 2022. Fiscal 2021 shipbuilding and conversion (Navy) funds in the amount of $4.7 million (49 percent); fiscal 2020 shipbuilding and conversion (Navy) funds totaling $4 million (41 percent); fiscal 2021 research, development, test, and evaluation (Navy) funds in the amount of $472,000 (5 percent); and fiscal 2021 National Sea Based Deterrent Funds totaling $500,000 (5 percent) will be obligated at time of award and will not expire at the end of the current fiscal year. The Naval Sea Systems Command in Washington, D.C. is the contracting authority.