Defense Contractor

NEW YORK -- Frank C. Lanza, the chairman, chief executive, and cofounder of defense contractor L-3 Communications Holdings Inc., died suddenly while recovering from recent surgery, the company said yesterday. Mr. Lanza, 74, had visited doctors Tuesday and was told that he was proceeding satisfactorily from the surgery, which took place two months ago, Robert B. Millard, lead board director, said in a statement. Mr. Lanza cofounded L-3 in 1997 after previously serving in roles that included president and operating officer of Lockheed Martin Corp.'s C3I and systems...

The Academy for Science and Design is moving to larger quarters in Nashua. The charter school for students in grades 6-12 is currently housed in a 24,000-square-foot building on Daniel Webster Highway in Merrimack. It has 285 students from more than 30 districts across New Hampshire and is expecting 430 to 450 students next year. Its new location is about 10 minutes away on Amherst Street in Nashua and is more than twice the size. The building is now home to defense contractor Cobham Tactical Communications and Surveillance.

Raytheon Co. said Tuesday that it has received a $1.7 billion contract to upgrade Saudi Arabia’s Patriot missile defense system. The defense contractor is to provide training, support equipment and ground hardware to upgrade Saudi Arabia’s Patriot Air and Missile Defense System to the latest configuration. Raytheon first supplied the Patriot system to Saudi Arabia in the 1990s, the company said. Work on the contract will be performed at the Integrated Air Defense Center in Andover, Mass., and in Saudi Arabia, the company said.

WASHINGTON - More female executives are rising to the top levels of the largest defense companies, setting a standard that industry officials say may help encourage more women to enter the field. This week, Phebe Novakovic is set to become president and chief operating officer at Virginia-based General Dynamics after serving as executive vice president of the company's marine systems group. The move puts Novakovic in line to replace Jay Johnson, chairman and chief executive, though the company has not made any formal decision.

Defense contractor General Dynamics said Wednesday that it is raising its quarterly dividend to 51 cents from 47 cents. That boosts the company's dividend by 8.5 percent. General Dynamics said its next dividend is payable May 11 to shareholders of record on April 13.

The Navy will soon test a futuristic weapon developed by BAE Systems, a defense contractor with operations in Massachusetts and New Hampshire, that uses electricity rather than gunpowder to hurl shells over 100 miles at more than 5,000 miles per hour. BAE has delivered the weapon, called a railgun, to the Navy's surface warfare center in Dahlgren, Va., for tests that are expected to begin this month. Another defense contractor, Raytheon Co. of Waltham, won a $10 million contract to build a vital component for the railgun: a "pulsed power" system to enable the weapon to fire multiple shots...

The Academy for Science and Design is moving to larger quarters in Nashua. The charter school for students in grades 6-12 is currently housed in a 24,000-square-foot building on Daniel Webster Highway in Merrimack. It has 285 students from more than 30 districts across New Hampshire and is expecting 430 to 450 students next year. Its new location is about 10 minutes away on Amherst Street in Nashua and is more than twice the size. The building is now home to defense contractor Cobham Tactical Communications and Surveillance.

Defense contractor Lockheed Martin Corp. will pay a third-quarter dividend of 75 cents per share. The company said the dividend will be paid Sept. 23 to shareholders of record as of the close of business on Sept. 1. Lockheed Martin is a global security company that employs about 126,000 people worldwide. The defense contractor has had to trim operations as budgetary pressures are prompting the Obama administration to pare back defense spending. Lockheed announced earlier this month it plans to cut 1,200 employees in its space systems equipment division.

Defense contractor Raytheon Co. on Wednesday raised its raised quarterly cash dividend to 50 cents from 43 cents. The move represents an increase of about 16 percent in the quarterly dividend. The company will pay its next dividend May 3 to shareholders of record on April 4. Raytheon's shares were up 40 cents to $51.90 in extended trading following the announcement.

Defense contractor Lockheed Martin Corp. said Tuesday it acquired Procerus Technologies, which makes autopilot systems and other electronic systems used in very small unmanned aircraft. The companies did not disclose terms of the purchase, but Lockheed Martin said they "are not material" to its results. Procerus is based in Orem, Utah, and its micro technologies are included in vehicles used by the U.S. and other governments. Shares of Lockheed Martin rose 12 cents to close at $81.64.

Defense contractor Raytheon Co. on Wednesday raised its raised quarterly cash dividend to 50 cents from 43 cents. The move represents an increase of about 16 percent in the quarterly dividend. The company will pay its next dividend May 3 to shareholders of record on April 4. Raytheon's shares were up 40 cents to $51.90 in extended trading following the announcement.

Defense contractor General Dynamics said Wednesday that it is raising its quarterly dividend to 51 cents from 47 cents. That boosts the company's dividend by 8.5 percent. General Dynamics said its next dividend is payable May 11 to shareholders of record on April 13.

The Navy will soon test a futuristic weapon developed by BAE Systems, a defense contractor with operations in Massachusetts and New Hampshire, that uses electricity rather than gunpowder to hurl shells over 100 miles at more than 5,000 miles per hour. BAE has delivered the weapon, called a railgun, to the Navy's surface warfare center in Dahlgren, Va., for tests that are expected to begin this month. Another defense contractor, Raytheon Co. of Waltham, won a $10 million contract to build a vital component for the railgun: a "pulsed power" system to enable the weapon to fire multiple shots...

Raytheon Co. said Thursday that fourth-quarter profit rose 18 percent, but sales fell and the defense contractor forecast lower earnings per share in 2012. The maker of Patriot missiles and other military weapons said 2012 sales could fall nearly 2 percent. Raytheon and other contractors are dealing with a slowdown in defense spending. Net income in the fourth quarter was $543 million, or $1.57 per share, compared with $459 million, or $1.25 per share, a year earlier. The company said that excluding items such as early debt retirement, it would have earned $1.74...

Defense contractor Lockheed Martin Corp. said Tuesday it acquired Procerus Technologies, which makes autopilot systems and other electronic systems used in very small unmanned aircraft. The companies did not disclose terms of the purchase, but Lockheed Martin said they "are not material" to its results. Procerus is based in Orem, Utah, and its micro technologies are included in vehicles used by the U.S. and other governments. Shares of Lockheed Martin rose 12 cents to close at $81.64.

Defense contractor Lockheed Martin Corp. spent $3.87 million lobbying the federal government during the third quarter, focusing its efforts on military spending legislation that could affect sales of its jet fighters, missile defense systems and cyber security, according to a recent disclosure report. That's 28 percent more than the $3.02 million it spent in the same quarter of 2010 but slightly less than the $3.92 million it spent in this year's second quarter, according to reports the company has filed with the House clerk's office.

WASHINGTON -- Representative Randy "Duke" Cunningham said yesterday he showed poor judgment in selling his house to a defense contractor who later took a big loss on it. But the California Republican said he acted honestly and predicted an investigation would prove that. "I showed poor judgment in selling my home in Del Mar to a friend who does business with the government," Cunningham said in a three-page statement. It was his first public accounting of his relationship with defense contractor Mitchell Wade since news of the real estate deal surfaced nearly two weeks ago. Wade paid...

TEWKSBURY - Raytheon Co. received a $197 million Navy contract for engineering and support for the LPD-17 class of amphibious warfare ships, the company said yesterday. The defense contractor is the ship’s electronics systems integrator and primary contractor for engineering support. The contract includes five one-year options and extends Raytheon’s role as the ship’s lead provider of engineering support. Work will be performed at the Expeditionary Warfare Center, San Diego; at the Seapower Capability Center, Portsmouth, R.I.; and by Raytheon Technical Services Co. in...

Defense contractor General Dynamics Corp. said Tuesday that it won a $367 million deal to build 177 Stryker combat vehicles for the U.S. Army. The company said its land-systems subsidiary will deliver all the vehicles by July 2013. The work will be done in Anniston, Ala.; Lima, Ohio; and London, Ontario. General Dynamics has produced more than 320 of the double-hulled vehicles under a contract awarded in July 2010 for 450 vehicles. They can reach speeds higher than 60 mph and are lighter and smaller than other Army combat vehicles, the company says.