Lockheed Martin Space Systems Co., a Lockheed Martin Corp. (LMT) subsidiary, recently set up a new Missile Defense Systems operating unit. The new unit, which is part of the Lockheed Martin’s Strategic and Missile Defense Systems division, includes program management, engineering and production facilities in Huntsville and Courtland, Alabama, and program operations in Denver, Colorado, and Sunnyvale, California. Retired Army Major General John W. Holly will head the unit.

The new operating unit will provide support to Lockheed Martin’s various projects. These  include the tri-national medium extended air defense system (MEADS) program led by Lockheed Martin Missiles and Fire Control, the land environment air picture provision (LEAPP) air defense program led by Lockheed Martin U.K  and the targets and countermeasures program of the Missile Defense Agency. It will also be in charge of the Battle Management Technology Center at North Alabama and the ground-based midcourse defense (GMD) operations and sustainment contract.

Shares of Lockheed Martin closed at $74.43 on Tuesday, trading at 9.9X trailing-12 month EPS. We presently have Neutral recommendation for the company.

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