In a ceremony at the National Air and Space Museum Washington D.C., Lockheed Martin [NYSE: LMT] presented its prestigious NOVA Award to 23 employees from the MH-60 capture team, most of whom work in Lockheed Martin's Owego facility. The NOVA Award is the company's highest honor presented annually to individuals and teams who have made outstanding contributions to the corporation's mission and business objectives.

The annual NOVA Awards ceremony was hosted by Lockheed Martin Chairman and CEO Bob Stevens on Friday, Oct. 26, to recognize employees for their outstanding achievements in seven categories. The MH-60 capture team received the NOVA team award for achieving affordability targets in 2011 that led to a $1.2 billion multi-year award from the U.S. for a minimum of 120 MH-60R aircraft and 62 MH-60S common cockpits. The reduction in operating costs also enabled the aircraft to be selected by the Royal Australian Navy in a $0.5 billion award. The reduced cost of producing these aircraft will favorably position the MH-60R aircraft for several upcoming international competitions.

"As Lockheed Martin embarks on its second century, our nation and our allies around the world face new challenges," said Bob Stevens. "Addressing these challenges, as we always have, we will rely on people with the vision, leadership and courage to tackle these difficult tasks head-on. These are the qualities that we see in every one of our NOVA recipients."

The Lockheed Martin NOVA Awards were created in 1995; the name "NOVA" aptly describes the contribution of the winners as the bright stars of the corporation.

Headquartered in Bethesda, Md., Lockheed Martin is a global security and aerospace company that employs about 120,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. The corporation's net sales for 2011 were $46.5 billion.

Submitted by Lockheed Martin