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US says Lockheed GPS contract worth up to $3.6 bln

Thu May 15, 2008 7:24pm EDT

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WASHINGTON, May 15 (Reuters) - The U.S. Air Force said on Thursday it awarded Lockheed Martin Corp (LMT.N) a contract worth up to $3.6 billion to start building a new generation of global positioning satellites.

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Col. Dave Madden, commander of the Air Force Space Command's Global Positioning Systems Wing, told reporters the initial contract was for two "research and development" satellites worth $1.5 billion, with options for 10 more.

If the government exercises all options, the contract would be worth nearly $3.6 billion, Madden said on a conference call.

Lockheed beat Boeing Co (BA.N) to win the deal. (Reporting by Jim Wolf; Editing by Tim Dobbyn)

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