U.S. Air Force Awards Lockheed Martin Team $20 Million Contract For Development Of Next Generation Global Positioning System
SUNNYVALE, Calif., 05-JAN-04 -- The U.S. Air Force today awarded Lockheed Martin [NYSE: LMT] one of two industry contracts valued at approximately $20 million each to enter the next development phase of an advanced Global Positioning System, to be known as GPS III.
Today's awards are for the Phase A element of the program during which two teams will conduct studies culminating in a Systems Requirements Review in fourth quarter 2004. Phase B, the GPS III development program, is expected to be awarded by the U.S. Air Force Navstar Joint Program Office in fourth quarter 2005.
The next-generation global positioning system will bring unrivaled capabilities to the warfighter, as well as civil, scientific, and commercial users around the globe, said John Sundquist, vice president, Lockheed Martin Navigation Systems. GPS III will deliver major improvements in accuracy, assured service delivery, integrity and flexibility and we look forward to providing our customer the best value GPS solution available.
Today's Global Positioning System allows any properly equipped user to determine precise time and velocity and worldwide latitude, longitude and altitude to within a few meters. Although originally designed as a guidance and navigational tool for the military, GPS has proven beneficial in the commercial and civil markets for transportation, surveying and rescue operations.
GPS III will address the challenging military transformational and civil needs across the globe, including advanced anti-jam capabilities, improved system security and accuracy, and reliability. The new satellite-based system will enhance space-based navigation and performance and set a new world standard for positioning and timing services.
The GPSIII team ultimately selected will provide system and sustaining engineering, satellite development and production, Control Segment upgrades, and continuous research and development for this evolutionary system. Lockheed Martin has assembled a team that brings together industry expertise in all elements of the GPS III system, which includes Spectrum Astro, ITT, Raytheon and General Dynamics.