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Lockheed Awarded $78M to Upgrade Army Tactical Missile System

lockheed martinThe U.S. Army has awarded Lockheed Martin (NYSE: LMT) a $78 million contract to modernize the branch’s long-range, precision-guided missiles.

Lockheed said Wednesday it will use hardware from the Army Tactical Missile System Block 1 to build a new weapon system that would hit targets but pose no unexploded ordnance risk.

Production work is scheduled to begin in 2016 and will occur in the company’s facilities in Dallas and Camden, Arkansas.

Lockheed says it has built more than 3, 700 ATACMS units to date.

ATACMS surface-to-surface weapons are enclosed in guided missile launch assembly pods and are fired using multiple rocket launchers.

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