PerkinElmer gets contract for satellite work

Industrial sciences company PerkinElmer Inc. said Thursday it received a contract valued at more than $15 million from ITT Corp.'s space systems division to support a next-generation satellite program.

Under the contract, the company will support the Global Positioning System Block IIIA Space System program. PerkinElmer will improve its heritage GPS Block IIR and Block IIF RAFS and deliver flight units for the first two satellite vehicles by March 2012, with a projected launch in 2014. The contract includes options to support up to 10 additional satellites.

Lockheed Martin is the program's space system prime contractor. ITT is the provider of the technology navigation payload designed to provide improved position, navigation and timing services.

As part of a global GPS system, the U.S. GPS Block III system will transmit a new civilian signal that will be interoperable with Japan's Quazi-Zenith Satellite System and Europe's Galileo satellite navigation system.

Shares of PerkinElmer rose 49 cents, or 2.6 percent, to $19.09 in midday trading.

(This version CORRECTS to "million" sted "billion" in long headline)