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The Associated Press June 8, 2010, 10:59AM ET

Lockheed Martin to make Army surveillance balloons

Lockheed Martin said on Tuesday that it has gotten a $142 million U.S. Army contract to make more Persistent Threat Detection Systems, tethered balloons with surveillance gear aimed at detecting roadside bombs.

Lockheed Martin said the Army has been using the system since 2004. The helium-filled balloons can stay airborne for weeks at a time.

Lockheed Martin said final terms are still being negotiated.

The order is in addition to another Army order for the system in the past six months, the company said.

Most of the work will be done in Akron, Ohio, with other work done in Cape Canaveral, Fla.; Moorestown, N.J.; and Owego, N.Y.

Lockheed Martin shares fell 5 cents to $76.27 in morning trading.

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