United Launch Services, LLC (“ULS”), a subsidiary of United Launch Alliance (“ULA”), which is a joint venture (“JV”) between Lockheed Martin Corp. (LMT Quick QuoteLMT - Free Report) and The Boeing Co. (BA Quick QuoteBA - Free Report) , has won a modification contract from the U.S. Air Force for launch vehicle production services (“LVPS”).

The contract is valued at $138.7 million and the contracting activity is the Space and Missile Systems Center, Los Angeles Air Force Base, CA.

Per the contract, ULS will provide the required services for fiscal 2016 LVPS to support the Air Force Atlas V 541’s launch vehicle configuration and mission specific supplies for four missions that were ordered earlier.

The modification includes pre???priced contract line items for the Atlas V 541 launch vehicle configuration and mission specific commodities for the four missions. The modification, however, does not include exercised options.

Work is scheduled to be complete by Sep 28, 2018 and will be performed in Centennial, CO; Decatur, AL; and Cape Canaveral Air Force Station, FL. The contract will use fiscal 2016 space procurement funds.

Formed about a decade ago, this 50:50 JV provides U.S. government missions with affordable, consistent and assured access to space. It has three launch vehicles – Atlas V, Delta IV and Delta II. ULA's launch vehicles have played a major role in the U.S. space ventures, given its highest commitment to crew safety and mission success.

Zacks Rank

Both Boeing and Lockheed Martin currently have a Zacks Rank #3 (Hold). Investors interested in the aerospace and defense sector may consider Engility Holdings, Inc. and CAE Inc. (CAE Quick QuoteCAE - Free Report) . Both the stocks carry a Zacks Rank #2 (Buy).

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