Posted: Fri, May 16, 2008, 6:30 AM ET (1030 GMT)
Lockheed Martin has won a contract worth nearly $1.5 billion to develop the first block of next-generation GPS satellites. The Air Force awarded Boeing the $1.46-billion contract for the first two GPS Block 3A satellites on Thursday, with options to build up to 10 more for an additional $2 billion. Lockheed beat out a bid from rival Boeing; both companies have won contracts for GPS satellites in the past. The GPS 3 satellites, scheduled to begin launching in 2014, will feature additional signals to improve accuracy as well as antijamming measures.

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