WASHINGTON (AP) - Boeing Co. said Tuesday it will team with Raytheon Co. on a recently awarded $160 million contract to develop a ground control system that's part of a new $1.8 billion satellite program.
Waltham, Mass.-based Raytheon and Cnetury City-based Northrop Grumman Corp. (NYSE:NOC) were both selected by the Air Force on Nov. 21 for the first phase of a contract to develop ground segments for the Global Positioning Satellite III program. Each received separate contracts worth up to $160 million.
The ground segment will be used to measure and track satellite positions and communicate their placement to earth.
WASHINGTON (AP) - Boeing Co. said Tuesday it will team with Raytheon Co. on a recently awarded $160 million contract to develop a ground control system that's part of a new $1.8 billion satellite program.
Waltham, Mass.-based Raytheon and Cnetury City-based Northrop Grumman Corp. (NYSE:NOC) were both selected by the Air Force on Nov. 21 for the first phase of a contract to develop ground segments for the Global Positioning Satellite III program. Each received separate contracts worth up to $160 million.
The ground segment will be used to measure and track satellite positions and communicate their placement to earth.
In November, Raytheon and Northrop Grumman beat out Bethesda, Md.-based Lockheed Martin Corp. (NYSE:LMT) for the first phase of the deal. The Air Force will later make a selection between the two contractors for a final contract award to build the ground segments after their 18-month contracts expire.
Boeing is producing 12 satellites under the latest program, known as GSP IIF, which are scheduled to be launched next year.
Earlier this year, both Chicago-based Boeing and Lockheed Martin submitted bids for the $1.8 billion contract to build the GPS III satellites, which will replace 24 satellites currently in orbit. The new system is designed to improve navigation by air, land and sea, and be more difficult for U.S. enemies to disable.
Shares of Boeing fell 94 cents to $91.70 during midday training.
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