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Friday, October 31, 2014

Taiwan shipbuilder, Lockheed Martin to build minesweepers for navy, (NYSE: LMT)

A consortium of Taiwan's largest private shipbuilder Ching Fu Shipbuilding Co Ltd, U.S. defence firm Lockheed Martin Corp and Italian firm Intermarine SpA have won a contract to supply six mine countermeasure vessels for Taiwan's navy for an undisclosed amount.The contract is part of a procurement process by the Ministry of National Defense, said an official at Ching Fu Shipbuilding, who declined to be named as he was not authorised to speak to the media.An official at Taiwan's navy also declined to disclose details of the deal.In a statement, Lockheed Martin said the first of the ships will be built in Italy, with the other five built in Taiwan.

Lockheed Martin Corporation is a global security and aerospace company engaged in the research, design, development, manufacture, integration, and sustainment of technology systems and products. Shares of LMT traded higher by 1.53% or $2.86/share to $189.29. In the past year, the shares have traded as low as $133.16 and as high as $189.62. On average, 1487630 shares of LMT exchange hands on a given day and today's volume is recorded at 1586060.