Lockheed Wins $755M for Army PAC-3 Missile

LockheedLogoLockheed Martin (NYSE: LMT) has won a $755,134,781 contract to produce an air defense missile for the U.S. Army, the Defense Department announced Thursday.

According to the company, Patriot Advanced Capability-3 is a “hit-to-kill” terminal air defense missile designed to defend against adversarial tactical ballistic missiles, cruise missiles and aircraft.

The firm-fixed price contract includes support for foreign military sales and related services.

Work will occur in Grand Prairie and Lufkin, Texas; Camden, Ark.; Chelmsford, Mass.; and Ocala, Fla. through July 31, 2015.

The Army Contracting Command’s office at Redstone Arsenal, Ala. is the contracting activity.

Kuwait has asked to buy 60 PAC-3 missiles from the U.S. government through a $4.2 billion foreign military sales agreement.

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