Shares of Lockheed Martin Corp Friday climbed on news of a consortium led by the defense contracting giant having won a contract from the National Aeronautics and Space Administration (NASA).
The contract to design, develop and build the Orion Crew Exploration Vehicle, the human spacecraft aimed at replacing the space shuttle. The contract won by the consortium, which also includes Honeywell International Inc and Orbital Sciences Corp, is expected to last through 2013, is estimated to be valued at almost $4 billion. The group led by Lockheed Martin beat a joint bid from The Boeing Co and Northrop Grumman to win the NASA contract. Lockheed Martin’s share price rose $1.06, or 1.28%, to $83.66 at 2:57pm ET on the NYSE on Friday.