Lockheed Martin Global Supply Chain Services Awarded $176 Million Contract Extension

JOHNSTOWN, Pa., 04/13/2011 --

Lockheed Martin [NYSE: LMT] has received the second two-year option of the U.S. Air Force Industrial Product-Support Vendor (IPV) contract. The estimated value of the two-year option period is $176 million.

The IPV initial contract, awarded in April 2006, provides total supply chain consumables for production depot maintenance activities at the three USAF Air Logistics Centers in Ogden, Utah; Oklahoma City, Okla.; and Warner Robins, Ga. The ALCs provide worldwide engineering, maintenance and logistics management for all U.S. Air Force fighters, transporters, missiles and munitions.

"We are pleased the Air Force has opted to exercise this second contract option, highlighting the confidence and trust that our customers place in our abilities to support their weapons systems," said Lisa Mahlmann, vice president of Lockheed Martin Aeronautics Global Sustainment. "We look forward to continuing this partnership by maintaining critical spare parts and consumables to keep the warfighter mission-ready."

Global Supply Chain Services is a one-stop supply chain services provider supporting U.S. and international government and commercial customers with operational field sites. The organization provides aircraft spares and repairs; kitting; performance-based logistics services; warehousing; bench stock management services; supply chain management; and strategic sourcing and transportation management. GSCS moved to Johnstown, Pa., in September 2008 to enhance its support to Lockheed Martin's supply chain customers in the region.

Lockheed Martin is a major supplier of logistics systems, and lifetime support and performance-based logistics services to military and civil government customers. The corporation provides solutions for platform maintenance, modifications and repair, material readiness and distribution, and global supply chain command and control.

Headquartered in Bethesda, Md., Lockheed Martin is a global security company that employs about 126,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. The corporation reported 2010 sales of $45.8 billion.