The Lockheed Martin plant near Syracuse won't be getting a U.S. Navy contract worth up to $267 million after losing out in a competition with rival Northrup Grumman.

Lockheed Martin officials confirmed to WIBX on Friday with a statement:

"The Lockheed Martin-Raytheon team will meet with the U.S. Navy to better understand their selection decision regarding SEWIP Block III. Together, our team has more than 80 years of combined, proven experience in developing electronic systems. We stand behind our affordable and innovative solution and remain fully committed to increasing the U.S. Navy's Surface Ship Electronic Attack capabilities." reports the contract is for the third phase of a $5 billion Navy program called Surface Electronic Warfare Improvement Program, or SEWIP(pronounced sea-whip) that will upgrade the Navy's electronic warfare capabilities against anti-ship missiles.

The SEWIP contract, which could have been the biggest contract for Lockheed Martin's Salina plant could bring with it $3 billion in work over 10 years to the winner of the contract.

The U.S. Navy's website says the SEWIP program performs early detection, signal analysis, threat warning and protection from anti-ship missiles from a shipboard system.

The third phase of the contract that was awarded to Northrup Grumman will add electronic attack capabilities to the U.S. fleet as well as provide enhanced electronic support capability improvements meant to keep pace with electronic threats.

More From WIBX 950