Lockheed Martin wins recertification for cruise missile
ORLANDO, Fla.—Defense contractor Lockheed Martin Corp. said Monday it was recertified to continue producing a type of aircraft-fired cruise missile that had been criticized for performance problems and cost overruns.
The U.S. government approval allows production of the Joint Air-To-Surface Standoff Missile, or JASSM, to continue at Lockheed's manufacturing plant in Troy, Ala., the company said.
Bethesda, Md.-based Lockheed said the recertification also will enable it to continue developing a longer-range version of the missile.
The future of the JASSM had been in doubt after the Defense Department threatened to end development last summer. Cost overruns prompted a review of the development program, and subsequent tests revealed performance problems with the weapon.
Lockheed shares rose 45 cents to $107.38 in early afternoon trading.
rising
falling 