DTN News: Lockheed Martin Completes Milestone For U.S. Navy’s Surface Ship Electronic Defense....NSI News Source Info # 852

(NSI News Source Info) SYRACUSE, N.Y., - July 28th, 2010: The U.S. Navy approved Lockheed Martin’s [NYSE: LMT] preliminary design for a system to defend surface combatants from anti-ship cruise missile threats.
The preliminary design review for the Navy’s Surface Electronic Warfare Improvement (SEWIP) Block 2 upgrade program is a significant milestone under the initial $9.9 million design contract awarded to Lockheed Martin last November. The contract includes options totaling nearly $167 million, if exercised.
“Successfully completing this critical milestone further validates our low-risk path for improving the surface navy’s electronic warfare capabilities,” said Carl Bannar, vice president of Lockheed Martin Radar Systems. “By using commercial-off-the-shelf components, Lockheed Martin will provide additional cost savings and ease of maintenance to the Navy.”
http://defense-technologynews.blogspot.com/2010/07/dtn-news-lockheed-martin-completes.html