February 11, 2009 (FinancialWire) -- Lockheed Martin (NYSE: LMT) (Current Market Cap: US$30.56 Bil.) has been awarded a $78.6 million contract from the U.S. Navy to produce the next evolution of hardware that will be incorporated into the Aegis Modernization and Aegis Ballistic Missile Defense programs.

The Aegis Weapon System is a naval defense system and the sea-based element of the U.S. Ballistic Missile Defense System. The contract to upgrade the Aegis Weapon System includes two BMD 4.0.1 Combat System equipment sets, three Weapon System Modernization Upgrade equipment sets and one Multi-Mission Signal Processor equipment set.

The Aegis Modernization Upgrade equipment sets consist of new tactical computing equipment, upgraded consoles and displays, a secure voice communication system and associated peripheral equipment.

According to Lockheed Martin, the MMSP combines both anti-air warfare and BMD mission capabilities into one open architecture signal processor. The modernization equipment and MMSP will be installed in guided missile destroyers as part of Aegis modernization beginning in 2012.

BMD 4.0.1 will be installed on current Aegis BMD ships beginning in 2011, along with the associated computing suite, kill assessment system and operating consoles.

The Navy's plan to fully modernize its Aegis-equipped cruisers and destroyers includes reconfiguring the Aegis Weapon System with commercial-off-the-shelf computing hardware and open system software.

Bethesda, Maryland-based Lockheed Martin is a global security company that employs about 146,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. The company reported 2008 sales of $42.7 billion.

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