Lockheed Gets $30M Pact for Bomb Kits

ARCHBALD, Pa. -- Defense contractor Lockheed Martin Corp. (LMT Quote - Cramer on LMT - Stock Picks) said Monday it had been awarded a $30 million contract to make laser-guided bomb kits for the U.S. Air Force.

The kits are scheduled for delivery in early 2009. They convert bombs into guided weapons to improve accuracy, the company said in a statement.

Lockheed Martin has delivered 40,000 such kits to the Air Force, U.S. Navy and foreign customers. The company said laser-guided bombs have been used in the war in Iraq.

Shares fell $2.19, or 2.8%, to $76.56 in late afternoon trading.