Friday, May 16. 2008

Lockheed Beats Boeing for GPS Contract

In big hardware news...The Air Force awarded Lockheed Martin a $1.5 billion contract to build the military's next generation of navigation satellites. The deal is for two satellites and perhaps 10 more, though the ultimate plan is for 32, per the Pentagon. So, that's a fine income stream for Lockheed Martin.

Boeing is not doing so well on the Air Force front. Boeing ran into delays and cost overruns in building 12 earlier GPS satellites and was not expected to take this contract. Further, Boeing lost the $40 billion deal to build refueling tankers to Northrop Grummand and EADS.

- Washington Post

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