Lockheed Gets $1B PAC-3 Missile Production Funds

Lockheed Gets $1B PAC-3 Missile Production Funds

Lockheed Martin (NYSE: LMT) has secured a $1.04B contract modification to support the production of updated guided air and missile defense systems for the U.S. Army and seven foreign countries.

Work runs through Oct. 31, 2024, and covers planning, technical, management, incidental, testing and manufacturing services for the Phased Array Tracking Radar to Intercept on Target Advanced Capability-3 missiles, the Department of Defense said Wednesday.

The modification includes foreign military sales to Bahrain, Germany, Poland, Qatar, Romania, South Korea and the United Arab Emirates.

Lockheed received a $6.07B contract in late April to deliver PAC-3 Missile Segment Enhancement interceptors and related equipment across fiscal years 2021, 2022 and 2023.

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