Lockheed to Supply Missile Interceptors to Foreign Military Clients Under $1B Contract Modification

lockheed martinLockheed Martin (NYSE: LMT) has received a $1.09 billion contract modification from the U.S. Army to produce air and missile defense interceptors for foreign military customers.

The company will build Patriot Advanced Capability-3 air defense missiles for Korea, Saudi Arabia and Qatar under a foreign military sales contract with the U.S. government, the Defense Department said Monday.

Lockheed will perform work in Texas, Arkansas, Massachusetts, Florida, Alabama and California through June 30, 2019.

PAC-3 is a high-velocity interceptor designed to destroy tactical ballistic missiles, cruise missiles and aircraft.

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