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Navy/USMC

Navy Issues Lockheed Martin $279 Million to Start LCS-23 Construction

Valerie Insinna

Monday, November 30th, 2015

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Navy Issues Lockheed Martin $279 Million to Start LCS-23 Construction

USS Freedom (LCS-1). Photo: U.S. Navy.

The Navy has awarded Lockheed Martin [LMT] the $279 million necessary to complete construction of the 23rd Littoral Combat Ship, the USS Cooperstown, the company said Monday.Congress in March appropriated $79 million for advanced procurement of the Cooperstown. This new funding will allow Lockheed Martin to proceed to construction while keeping the ship on schedule and on cost, the company said in a news release.Lockheed Martin and shipbuilder Fincantieri Marinette Marine are tentatively scheduled to begin construction in January 2017,…

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