Lockheed Wins Target Management Contract
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Lockheed Martin Corp., the No. 1 defense contractor, beat rivals Northrop Grumman Corp. and Raytheon Co. for a contract worth as much as $4.6 billion to develop and manage targets and decoys used to test missile defense systems, the Pentagon told Congress.
Lockheed Martin’s Denver-based Space Systems won an initial four-year, $210-million contract to perform engineering, design and management of a so-called Targets and Countermeasures program.
The U.S. is developing a system to protect against ballistic missile attacks by destroying them with rockets launched from land- and sea-based platforms, and the program has drawn criticism from arms control groups and Pentagon testers for not subjecting missile defenses to rigorous decoy testing.
Shares of Bethesda, Md.-based Lockheed fell 1 cent to $48.42 on the NYSE.
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