Lockheed wins $279 million in U.S. Navy funding for next LCS ship

Lockheed Martin Corp (LMT.N) on Monday said it had received $279 million in remaining funding from the U.S. Navy for the construction of the future USS Cooperstown, the 23rd Littoral Combat Ship.

The funding comes on top of $79 million in advanced procurement funding released to Lockheed in March 2015.

Joe North, vice president at Lockheed's Mission Systems and Training division, said his company and key suppliers, including Italy's Fincantieri SpA (FCT.MI), had already delivered three of the ships and remained committed to completing work on the remaining orders covered by a block buy agreement with the Navy.

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