ORLANDO, Fla., July 26, 2017 /PRNewswire/ -- Lockheed Martin (NYSE: LMT) received an $86.5 million contract from the U.S. Navy and Air Force for Long Range Anti-Ship Missile (LRASM) production. 

The contract marks the first production award for the air-launched variant of LRASM, and includes 23 missiles and engineering support. Low-rate initial production Lot 1 is the first of several expected annual production lots that will deliver next-generation anti-ship missiles to the U.S. Navy and U.S. Air Force.

"This first production lot of LRASM brings a new level of capability to both the U.S. Air Force and the Navy," said Mike Fleming, LRASM director at Lockheed Martin Missiles and Fire Control. "LRASM enables our warfighters to prosecute even the most advanced enemy ships."

LRASM is designed to detect and destroy specific targets within groups of ships by employing advanced technologies that reduce dependence on intelligence, surveillance and reconnaissance platforms, network links and GPS navigation in electronic warfare environments. LRASM will play a significant role in ensuring military access to operate in open ocean/blue waters, owing to its enhanced ability to discriminate and conduct tactical engagements from extended ranges.

LRASM is a precision-guided, anti-ship standoff missile based on the successful Joint Air-to-Surface Standoff Missile - Extended Range (JASSM-ER). It is designed to meet the needs of U.S. Navy and U.S. Air Force Warfighters in contested environments. The air-launched variant provides an early operational capability for the U.S. Navy's offensive anti-surface warfare Increment I requirement to be integrated onboard the U.S. Air Force's B-1B in 2018 and on the U.S. Navy's F/A-18E/F Super Hornet in 2019.

About Lockheed Martin
Headquartered in Bethesda, Maryland, Lockheed Martin is a global security and aerospace company that employs approximately 97,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services.

SOURCE Lockheed Martin