LOCKHEED MARTIN AND ARMOR HOLDINGS ANNOUNCE TEAMING AGREEMENT FOR JOINT LIGHT TACTICAL VEHICLES
OWEGO, NY, October 10, 2006 -- Lockheed Martin [NYSE: LMT] and Armor Holdings, Inc. [NYSE: AH], are teaming to compete for the Joint Light Tactical Vehicle (JLTV) program. JLTV is intended to be the next generation in light armored wheeled tactical vehicles for the armed services.
Lockheed Martin will serve as the prime contractor and systems integrator, providing the vehicle design, net-centric capabilities and logistics. Armor Holdings will primarily be responsible for vehicle assembly. Additionally, AHI will lead the design and manufacture of the armor survivability subsystems. Alcoa of Pittsburgh, PA, JWF Industries of Johnstown, PA, and Axletech International of Troy, MI will also provide key support to Lockheed Martin for this opportunity.
“This teaming relationship will enhance our capability to provide superior survivability and mission capability for the next generation of tactical wheeled vehicles in the most cost effective manner,” said Louis DeSantis, vice president and general manager of Systems Solutions at Lockheed Martin Systems Integration – Owego. “We look forward to providing our nation’s warfighters with a preeminent integrated vehicle solution.”
In early February, Lockheed Martin was awarded a $9 million contract to build a technology demonstration vehicle for the second phase of the U.S. Army’s Future Tactical Truck Systems (FTTS) Advanced Concept Technology Demonstration (ACTD). The FTTS ACTD will help refine the requirements for the Joint Light Tactical Vehicle.
Robert Mecredy, president of the Armor Holdings Aerospace & Defense Group stated, “We are proud to team with Lockheed Martin on this critical program. This teaming relationship underscores the strategic significance of our recent acquisition of Stewart & Stevenson and demonstrates our ability to provide a comprehensive solution for the development and production of the next generation of military vehicles. Under Lockheed Martin’s leadership, we are committed to working with the entire team to meet the needs of our armed forces.”
Headquartered in Bethesda, Md., Lockheed Martin employs about 140,000 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 2005 sales of $37.2 billion.
Kim Davidson, (607) 751-3200; email@example.com
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