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Lockheed Gets $7.4B Air Force Deal To Upgrade F-22

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Lockheed Martin, located in Bethesda, is the U.S. government's largest defense contractor. In 2010, it grossed $45,189.0 million in revenue and ranked 44 on the Fortune 500 ranks, according to CNNMoney.com.

Lockheed Martin, located in Bethesda, is the U.S. government’s largest defense contractor. In 2010, it grossed $45,189.0 million in revenue and ranked 44 on the Fortune 500 ranks, according to CNNMoney.com.

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WASHINGTON (AP) — The Pentagon says it has awarded defense contractor Lockheed Martin Corp. a contract worth up to $7.4 billion to upgrade the systems in the Air Force’s F-22 Raptor fighter jet.

The contract calls for Lockheed to develop system upgrades, add new capabilities and enhance the performance of the aircraft.

The Pentagon says one company was solicited for the contract and one firm submitted a proposal, which suggests only Lockheed vied for the lucrative contract.

Earlier this year, the Air Force temporarily grounded its entire fleet of Raptors for more than four months after concerns over its oxygen-supply system had prompted a larger examination of the stealth fighter.

The Air Force returned its Raptors to flight in September.

Shares of Bethesda, Md.-based Lockheed ended regular trading down 6 cents at $75.10.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

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