NNS Awards $446M Contracts
Wednesday, March 21, 2001
Newport News Shipbuilding said that it awarded Lockheed Martin Integrated Systems Inc., a subsidiary of Lockheed Martin Corp., a $446 million subcontract for the warfare system for the CVN 77, the U.S. Navy's next nuclear-powered aircraft carrier. Virginia-based Newport News said it worked with Lockheed Martin Naval Electronics and Surveillance-Surface Systems, under an advance planning contract. The warfare system will be delivered as part of Newport News Shipbuilding's $3.8 billion contract from the Navy for the CVN 77 signed in January. The award to Lockheed includes an additional $40 million option for exterior communications equipment, Newport News said. Newport News shares were down 18 cents, at $50.52, during mid-afternoon trading on the New York Stock Exchange. - (Reuters)