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Thursday, Mar 28, 2024

Boeing loses GPS satellite contract to Lockheed Martin

In another blow to Boeing Co.’s battered defense business, the U.S. Air Force on Thursday tapped rival Lockheed Martin Corp. for a contract potentially worth more than $3.5 billion to build a new generation of global positioning satellites. Chicago-based Boeing, which has a huge workforce in Southern California, would have made the satellites in El Segundo. The loss of the contract, known as Global Positioning System IIIA, was Boeing’s third high-profile defeat in as many months. The company lost a $35-billion contest to build aerial refueling tankers for the Air Force in February and a $3.74-billion award to build unmanned spy planes for the Navy in April. For the full story visit http://www.latimes.com/business/la-fi-satellites16-2008may16,0,5434942.story

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