Company Watch - Lockheed Martin.Aug 13, 2007 Lockheed Martin For the former company, see . Lockheed Martin (NYSE: LMT) is a leading multinational aerospace manufacturer and advanced technology company formed in 1995 by the merger of Lockheed Corporation with Martin Marietta. to repay $265 million in overcharges. Lockheed Martin said that it discovered, and immediately informed the government about, an "inadvertent billing error" that occurred while working on the F-35 Joint Strike Fighter program The Joint Strike Fighter (JSF) became synonymous with the later F-35 Lightning II, however until 2001 the term was applied to the competition between the Boeing X-32 and Lockheed Martin X-35. . The money will be repaid, with interest. The overbilling dates back to 2002 and is related to invoices for work performed by Northrop Grumman Northrop Grumman Corporation (NYSE: NOC) is an aerospace and defense conglomerate that is the result of the 1994 purchase of Grumman by Northrop. The company is the third largest defense contractor for the U.S. and BAE Systems BAE Systems British manufacturer of aircraft, missiles, avionics, naval vessels, and other aerospace and defense products. BAE Systems was formed (1999) from the merger of British Aerospace (BAe) with Marconi Electronic Systems. , which Lockheed Martin says were not at fault. Aug 10, 2007 Lockheed Martin to deliver 60 more F-22 Raptors for $5 billion. The Air Force has awarded Lockheed Martin a $5 billion contract to add 60 F-22 Raptors, in lots of 20 each, to the Air Force by December 2011. The contract replaces three traditional single-year contracts for 20 jets and will save the Air Force $411 million, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. officials. "The Air Force's efforts at streamlining the F-22 acquisition process through a multi-year contract is a substantial benefit to the American taxpayer," said an Air Force spokesperson. Aug 9, 2007 Lockheed Martin lands $23M contract with Northrop Grumman. Lockheed Martin was awarded a $23 million contract by Northrop Grumman to assist in the upgrade of satellite communication systems for the Air Force B-2 stealth bomber. Lockheed will replace the B-2's flight management computers. Aug 8, 2007 Savi Technology, a Lockheed Martin company and provider of Radio Frequency Identification See RFID. (RFID (Radio Frequency IDentification) A data collection technology that uses electronic tags for storing data. The tag, also known as an "electronic label," "transponder" or "code plate," is made up of an RFID chip attached to an antenna. )-based total asset management solutions, today announced the first six companies that have agreed to license Savi's intellectual property, which is now incorporated into the new global standard (ISO (1) See ISO speed. (2) (International Organization for Standardization, Geneva, Switzerland, www.iso.ch) An organization that sets international standards, founded in 1946. The U.S. member body is ANSI. 18185) for electronic cargo seals (e-Seals). E-Seals are an emerging class of active RFID devices with built-in security and tracking features. Aug 6, 2007 Coast Guard modernization program increases cost. Two ships that the Coast Guard says are vital to its modernization program will now cost a combined $1.1 billion, with the $255 million increase paying for extensions on the ships' lifespans and other improvements. Lawmakers have criticized the Deepwater modernization program for design flaws and cost increases. Meanwhile, a Northrop Grumman and Lockheed Martin joint venture won a $337 million contract for construction of the third national security cutter The United States Coast Guard National Security Cutter (NSC) is one design among several new cutter designs developed as part of the Integrated Deepwater System Program.[1] . Aug 9, 2007 Editorial eMail: edit@AirGuideOnline.com For Air Transport & Travel Business Experts contact our Director of Content Aram Gesar eMail: bizintel@AirGuideOnline.com For more global news, reviews, features and analysis, please subscribe to our Newsletters: http://www.airguideonline.com/order_formsubs.htm#news To Advertise: advert@AirGuideOnline.com AirGuideFlightTracker is a new service that keeps travelers informed on flight and airport status via the Web. For more go to http://www.airguideonline.com/airline_tracker.htm Copyright [c] 2007 Pyramid Media Group / Air Travel Media. All rights reserved. |
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