Northrop Grumman Corp. said Tuesday that it has agreed to a $500 million accelerated share repurchase with JPMorgan Chase & Co.

Through the plan, the Los Angeles-based contractor said it will buy back 6.48 million shares of its common stock from JPMorgan Chase at a price of $77.12 a share.

The accelerated repurchase is part of the $1 billion stock buyback program Northrop announced in December 2006. This agreement brings Northrop’s total repurchases this year to 14.5 million shares valued at about $1.1 billion.

This comes a day after the company announced it was awarded a $2.3 billion deal to upgrade two weather satellites for the U.S. Air Force.

The deal was awarded to Northrop’s Redondo Beach-based space technology division. The deal also included an option for two more satellites. The work will be completed by September 2016.

Shares of Northrop closed down $1.02, or 1.3 percent, to $76.10 Tuesday in trading on the New York Stock Exchange composite trading.