LOCKHEED MARTIN CORPORATION

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Lockheed Martin : Propulsion Controls Engineering LLC (PCE) Honored as LCS Team Freedom Supplier of the Year

01/11/2022 | 02:28pm EDT

Arlington, Va., Jan. 11, 2022 - Recognized for its outstanding performance and commitment to the Freedom-variant Littoral Combat Ship (LCS), Propulsion Controls Engineering LLC (PCE) was named as the 2021 Team Freedom LCS Supplier of the Year on Jan. 11 at the 34th annual Surface Navy Association National Symposium.

A longtime supplier to the Lockheed Martin-led team since 2010 on the USS Freedom (LCS 1), San Diego, California-based PCE is a full service electro-mechanical repair and diesel repair contractor. PCE was instrumental in conducting modifications and repairs to the ship propulsion system equipment on USS Minneapolis-Saint Paul (LCS 21). Their efforts ensured successful on-time repairs, delivering quality services that resulted in minimal rework.

"Propulsion Controls Engineering LLC (PCE) has been an excellent partner, repeatedly demonstrating its value to the LCS program and to the U.S. Navy," said Steve Allen, vice president, Lockheed Martin Small Combatants and Ship Systems. "The PCE team's tireless efforts in 2021 ensured an expedient and successful delivery of the USS Minneapolis-Saint Paul (LCS 21) back to the Navy. We look forward to our continued partnership as we deliver capability to the fleet."

Since the LCS program's inception, Freedom-variant LCS production has injected hundreds of millions of dollars into local economies throughout the Midwest. The Freedom-variant LCS team is comprised of Lockheed Martin, shipbuilder Fincantieri Marinette Marine (FMM), naval architect Gibbs & Cox, and more than 800 suppliers in 42 states. The program supports thousands of direct and indirect jobs throughout the United States, including more than 7,500 jobs in Michigan and Wisconsin.

"PCE is proud to be a key supplier of the LCS program and a partner to this first-rate team in support of the U.S. Navy," said Ken Barr, General Manager, Propulsion Controls Engineering LLC (PCE). "Thank you to Lockheed Martin, the U.S. Navy, and the entire Freedom team for their continued partnership."

The Lockheed Martin and Fincantieri Marinette Marine team is in full-rate production of the Freedom-variant LCS and has delivered 11 ships to the U.S. Navy to date. There are five ships in various stages of production.

Unique among combat ships, LCS is designed to complete close-to-shore missions, such as countermine operations, humanitarian assistance, anti-submarine warfare, and drug interdiction. LCS remains growing and relevant part of the Navy's fleet.

  • It is flexible-with 40 percent of the hull easily reconfigurable, LCS can be modified to integrate capabilities including over-the-horizon missiles, advanced electronic warfare systems (SEWIP) and decoys (Nulka), and in future, vertical launching systems or laser weapon systems.
  • It is fast-capable of speeds in excess of 40 knots.
  • It is automated-with the most efficient staffing of any combat ship.
  • It is lethal-standard equipped with Rolling Airframe Missiles (RAM) and a Mark 110 gun, capable of firing 220 rounds per minute.

About the Littoral Combat Ship (LCS)

The Freedom-variant Littoral Combat Ship is a resilient, flexible warship, designed from the keel up to affordably take on new capabilities including advanced sensors, missiles and cutting-edge cyber systems. Its speed, strength and versatility make it a critical tool to help sailors achieve their missions. For more information, visit www.lockheedmartin.com/lcs.

About Lockheed Martin

Headquartered in Bethesda, Maryland, Lockheed Martin Corporation is a global security and aerospace company that employs approximately 114,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services.

Please follow @LMNews on Twitter for the latest announcements and news across the corporation.

About Fincantieri Marine Group

Fincantieri operates in the United States through its subsidiary Fincantieri Marine Group (FMG). This company, which serves commercial and government customers in the U.S., including the U.S. Navy and Coast Guard, has three shipyards (Fincantieri Marinette Marine, Fincantieri Bay Shipbuilding and Fincantieri ACE Marine) located in the Great Lakes. www.fincantierimarinegroup.com

About Gibbs & Cox

Gibbs & Cox, the nation's leading independent maritime solutions firm specializing in naval architecture, marine engineering and design, is headquartered in Arlington, Virginia. The company, founded in 1929, has provided designs for nearly 80 percent of the current U.S. Navy surface combatant fleet; approaching 7,000 naval and commercial ships have been built to Gibbs & Cox designs. For more information, visit www.gibbscox.com.

About Propulsion Controls Engineering (PCE)

Propulsion Controls Engineering (PCE) is a full service electro-mechanical ship and industrial repair company founded in 1974. PCE holds an Agreement for Boat Repair (ABR) with Naval Sea Systems Command, working as both a prime contractor and subcontractor for government ship repair. The company offers a wide array of services including repair of rotating machinery and pumps, electric motors (including motor rewinding) and generators, small and large diesel engines, pipe and structural welding and fabrication, governors and controls systems, hydraulic systems and valves. For more information, visit www.pcesandiego.com.

Disclaimer

Lockheed Martin Corporation published this content on 11 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 January 2022 19:27:04 UTC.


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Financials (USD)
Sales 2022 66 001 M - -
Net income 2022 7 127 M - -
Net Debt 2022 8 950 M - -
P/E ratio 2022 16,9x
Yield 2022 2,51%
Capitalization 120 B 120 B -
EV / Sales 2022 1,96x
EV / Sales 2023 1,90x
Nbr of Employees 114 000
Free-Float 99,8%
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James D. Taiclet Chairman, President & Chief Executive Officer
Jesus Malave Chief Financial Officer
Rodney A. Makoske SVP, Chief Engineering, Technology & Operations
Yvonne O. Hodge Chief Information Officer & Senior Vice President
Frank A. St. John Chief Operating Officer
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