Lockheed Martin’s suburban Syracuse plant wins nearly $25 million modification to Navy contract

SALINA, N.Y. — The Lockheed Martin Corp. (NYSE: LMT) plant in the Syracuse metro area has been awarded a $24.6 million modification to a previously awarded contract from the United States Navy. 

The modification to the pact is to exercise an option for Navy equipment, components, engineering services, and other direct costs, the U.S. Department of Defense said in a June 22 contract announcement. Work will be performed in Salina (66 percent); Millersville, Maryland (33 percent); and Marion, Massachusetts (1 percent). It is expected to be completed by September 2023. 

Fiscal 2020 Navy shipbuilding and conversion funds totaling $4.99 million (or 21.7 percent of the modification); fiscal 2021 shipbuilding and conversion funds of $1.62 million (7 percent); fiscal 2020 other procurement funds totaling $1.3 million (5.6 percent); and fiscal 2021 other procurement funds of $15.1 million (65.7 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 at Washington Navy Yard in Washington, D.C. is the contracting authority, according to the announcement.