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Lockheed Awarded $611M to Build PAC-3 Missiles, Launcher Mod Kits

lockheed martinLockheed Martin (NYSE: LMT) will build 92 Patriot Advanced Capability-3 missiles and 50 launcher modification kits under a $610, 892, 663 modification awarded by the U.S. Army.

The Army is obligating $873, 811, 534 in fiscal year 2013 and 2014 funds for work through May 31, 2016, the Defense Department said Friday.

Contract work will also include production of ground equipment, tools and initial spares.

Lockheed builds the PAC-3 missiles to attack adversarial tactical ballistic missiles, cruise missiles and aircraft.

PAC-3 missile segments contain the missile, an interceptor, four canisters, a computer and a launcher electronics system.

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