Lockheed Martin and Sikorsky Receive Contracts to Complete MH-60R Lot 2 Low-Rate Production
WASHINGTON, DC, 06-APR-04 -- Lockheed Martin Corporation [NYSE: LMT] and Sikorsky Aircraft, a subsidiary of United Technologies Corp. [NYSE:UTX], have received contracts totaling $152.2 million to complete production of four MH-60R maritime helicopters for the U.S. Navy. The low-rate production contract (LRIP 2) covers four helicopters scheduled for delivery to the Navy in 2006.
Sikorsky Aircraft and Lockheed Martin's contracts are valued at $84.4 million and $67.8 million respectively. In May 2003, the companies received an initial $31 million for purchase of components with long lead times and for early-stage production activity.
LRIP 2 is the second in a series of low-rate production contracts under the ongoing MH-60R program. LRIP 1 involved delivery of five MH-60R aircraft. Full rate production is expected to begin in 2005 and will eventually ramp to 30 aircraft per year.
"It's important to note that this is the first funding increment for new-build MH-60R aircraft," said Joseph Haddock, Sikorsky vice president - Government Business Development.
This contract represents an important milestone as the MH-60R nears completion of its development activity and progresses towards fleet deployment, said Jeff Bantle, vice president Multi-Mission Solutions with Lockheed Martin. The MH-60R will provide significant new capabilities to the U.S. Navy.
The MH-60R helicopter is designed for anti-surface warfare, undersea warfare, and local area peace-keeping operations. Lockheed Martin is the systems integrator for the MH-60R and provides the cockpit, which is common to all MH-60R and MH-60S helicopters. Sikorsky Aircraft Corporation designs and manufactures the MH-60R and MH-60S aircraft and is responsible for the mechanical and electrical modifications on the airframe.
Sikorsky Aircraft Corporation, based in Stratford, CT, is a world leader in helicopter design, manufacturing and service. Sikorsky is a subsidiary of United Technologies Corporation, of Hartford, CT, which provides a broad range of high-technology products and support services to the aerospace and building systems industries.