(LMT) Lockheed Martin to Upgrade U.S. Army Tanks

Lockheed Martin Corp. (LMT) said it has received a $28.6 million contract to upgrade tank systems for the U.S. Army Program Executive Office of Simulation, Training and Instrumentation (PEO STRI).

The contract entails Lockheed to upgrade more than 60 Advanced Gunnery Training Systems (AGTS) for M1A1 and M1A2 main battle tanks. The company will also provide 11 new M1A2 training systems as a part of the two-year effort.

Lockheed Martin will also integrate the newest version of its Scalable Advanced Graphics Engine (SAGE) image generation technology, which draws from extensive visual databases to help warfighters experience a more detailed environment and encounter more realistic targets. Other upgrades on the system will include new graphic user interfaces making it easier for instructors to monitor and control training scenarios.

The AGTS is a simulator designed to train individuals, crew, platoons and companies in precision gunnery skills, enabling trainees to transition quickly to live fire or combat gunnery.

Lockheed Martin had developed the original AGTS architecture more than 15 years ago. Since then, the company has delivered over 200 AGTS systems and upgrades to U.S. Department of Defense customers with 180 more to foreign partner nations.

Based in Bethesda, Maryland, Lockheed Martin is a global security company that is principally engaged in research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. Some of its main competitors are Raytheon Company (RTN) and The Boeing Company (BA).

Lockheed Martin presently retains a short-term Zacks #3 Rank (Hold) that corresponds with our long-term Neutral recommendation.

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