The leading multinational aerospace manufacturer, Lockheed Martin (NYSE: LMT), has signed a nearly $1.4 billion contract with the U.S. Air Force to construct the next generation of global positioning system satellites.
Lockheed Martin’s business division, Lockheed Martin Space Systems Co., has won the contract by beating out Boeing’s bid. The company was aided financially by White Plains, N.Y.-based ITT Corp. and Falls Church Va.-based General Dynamics.
GPS IIIA satellites will be primarily constructed in Newtown, Pa., while final assembly and testing are expected to take place in Littleton. This project will add 500 jobs to the company’s current staff.
The contract provides for the building of eight GPS IIIA satellites due to be launched into orbit in 2014.