Investing.com - Lockheed Martin Corp. (NYSE: LMT) received an $83.2 million contract modification from the U.S. Department of War to produce additional missiles for the Army's Conventional Prompt Strike program, the department announced today.

The cost-plus-incentive-fee modification to an existing Navy contract will fund procurement of All Up Rounds to satisfy Army requirements. Lockheed Martin Space in Littleton, Colorado, will perform the work under contract N00030-22-C-1025.

Work will be distributed across multiple U.S. locations, with 31% in Denver, Colorado, 26% in Magna, Utah, 14% in Cortland, Alabama, 10% in Simsbury, Connecticut, 7% each in East Aurora and Owego, New York, and 2% in Sunnyvale, California. The remaining 3% will be spread across various other locations.

The Army will obligate $79.3 million in fiscal 2025 Missile Procurement funds at the time of award. The funds will not expire at the end of the current fiscal year.

Strategic Systems Programs in Washington, D.C., awarded the sole source contract under 10 U.S. Code 3204 (a)(1). Work is expected to be completed on June 30, 2029.