Lockheed Martin formally protests Raytheon AMDR contract win

|About: Lockheed Martin (LMT)|By:, SA News Editor

Lockheed Martin (LMT +1%files a formal protest against the Navy's award of the AMDR contract to Raytheon (RTN +2.3%).

LMT, which makes the Aegis combat system, says because it's been "engaged on the system for the past 42 years, [it] has a deep understanding of the program and mission."

The next-gen air and missile defense radar that RTN is set to build would replace LMT's SPY-1 radar.

In the end, LMT is just looking out for the interest of the government of course: "We are most concerned that the Navy's AMDR contract award decision, if implemented, would incur significant costs at this time of severe defense budget restrictions."