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Lockheed Gets $524M US, Intl Patriot Missile Contract Modification

Lockheed Martin (NYSE: LMT) has received a three-year, $523.8 million contract modification for the supply of updated Patriot missiles to the U.S. Army as well as Qatar, Saudi Arabia and Romania.

The company will provide Patriot Advanced Capability-3 enhancement and cost reduction initiative missiles along with complementary support equipment through the modified domestic and foreign military sales contract, the Defense Department said Tuesday.

Lockheed will perform work under the modification at various locations in Texas, Alabama, Arizona, Massachusetts and Florida, through Jan. 31, 2021.

PAC-3 is designed to intercept adversarial tactical ballistic missile, aircraft and cruise missile threats.

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