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Lockheed Awarded $528M THAAD Missile Interceptor Contract Modification

lockheed martinLockheed Martin (NYSE: LMT) has received a $528.5 million contract modification from the Missile Defense Agency to build interceptors against short- and medium-range ballistic missile threats.

The Defense Department said Monday the company will provide an undisclosed number of production lots 7 and 8 Terminal High Altitude Area Defense interceptors, one-shot weapons and related support services to MDA.

Work on the fixed-price contract is scheduled to begin Jan. 1 and will run through Sept. 30, 2019.

MDA has obligated $383.8 million in fiscal 2015 procurement funds and another $144.7 million in fiscal 2016 acquisition funds at the time of award.

Lockheed designed its THAAD weapon system to help government clients defend warfighters, infrastructure and citizens through detection, engagement and interception of incoming adversarial missiles.

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