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Lockheed Secures $130M Army Contract Funds for Fiscal 2017 PAC-3 Missile Production

Lockheed Martin (NYSE: LMT) has secured a $130.3 million modification to build additional Patriot Advanced Capability-3 air defense missiles for the U.S. Army and government customers under the foreign military sales program.

The Defense Department said Friday Lockheed will provide a total of 35 PAC-3 missile segment enhancement interceptors to the Army, Qatar, Saudi Arabia, South Korea, the United Arab Emirates and Taiwan.

The modification also cover the addition of 130 launcher modification kits with motor control units; parts library and missile segment enhancement storage and aging support; and cost and software data reporting for U.S.

Lockheed will lessen missile round trainer and empty round trainer production for Qatar by 30 and 36 units, respectively.

Work will occur in Grand Prairie, Lufkin and El Paso, Texas; Camden, Arizona; Chelmsford, Massachusetts; Ocala, Florida; Huntsville, Alabama; Huntingdon Beach, California through June 30, 2020.

The Army Contracting Command will obligate the full modification amount at the time of award from fiscal 2015, 2016 and 2017 “other” funds and other Army procurement funds.

Lockheed received a potential three-year, $1.45 billion contract in December 2016 to supply PAC-3 missiles and interceptors to the U.S., Qatar, South Korea, Taiwan, Saudi Arabia and UAE.

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