Lockheed Receives $1.6B Army Foreign Sales Contract Modification for Patriot Missiles

PatriotMissileThe U.S. Army has awarded Lockheed Martin (NYSE: LMT) a $1.6 billion contract modification to provide Patriot air defense systems, spares and equipment to the armed forces of South Korea, Qatar, Taiwan, United Arab Emirates and Saudi Arabia.

The Defense Department said Thursday the Army obligated $1, 346, 328, 377 in fiscal 2010 and 2015 other procurement funds at the time of award through DoD’s foreign military sales program.

Lockheed’s missiles and fire control unit will perform work at facilities in Texas, Arkansas, Massachusetts, Florida, Alabama and California.

The Army Contracting Command at Redstone Arsenal is the contracting activity and DoD expects contract work to finish by June 30, 2018.

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