Boeing's satellite factory is in El Segundo.
Lockheed Beats Boeing for $1.46 Billion GPS Satellite(Bloomberg) -- Lockheed Martin Corp., the world's largest defense company, beat Boeing Co. for a $1.46 billion U.S. Air Force award to build a new network of navigation satellites for military and civilian use.
The contract covers development of the first two Global Positioning System III satellites, with options for 10 more, the Defense Department said in a statement today.
The current constellation of 33 GPS satellites lets the Air Force direct so-called smart bombs to targets and also helps civilian pilots, drivers and hikers pinpoint their locations. Boeing's ties date to the first award in 1974 and since then it has delivered almost twice as many satellites as Lockheed, which won its first order in 1989. Today's award cedes the next generation to Bethesda, Maryland-based Lockheed.
``Lockheed Martin is proud to be selected,'' Stephen Tatum, a company spokesman, said in an interview. ``This win represents an important achievement for the corporation.''
The loss is Boeing's fourth straight in three months on a U.S. defense contract valued at more than $500 million.
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