Lockheed Martin's Sikorsky wins $1.1B U.S. Navy contract

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

Lockheed Martin's (NYSE:LMT) Sikorsky unit is awarded a $1.1B contract to build 12 CH-53K King Stallion heavy-lift helicopters, the Department of Defense announces.

The contract covers Lots 2 and 3 of the helicopter, which will replace the aging CH-53E Super Stallion.

After cost growth in the Lot 1 contract for the helicopters, the Navy and Marine Corps reduced the latest contract to 12, compared to a previous plan to buy 14 under Lots 2 and 3.

Most of the work will be performed in Stratford, Conn., the Pentagon says.

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