Lockheed Books $339M Army OTA to Develop Mid-Range Missile Tech

Lockheed Martin (NYSE: LMT) has been awarded a potential $339.3M other transaction agreement to help the U.S. Army develop, integrate and test a ground-launched missile prototype to address a mid-range capability gap found during the service branch's fiscal 2020 strategic fires study.

The Army Rapid Capabilities and Critical Technologies Office initially obligated $58M and expects the project to be complete by Dec. 31, 2023, the Department of Defense said Friday.

In a separate announcement, the service branch noted the MRC prototype will comprise of missiles, a battery operations station and launchers.

The project's goal is to field a system in fiscal 2023 that would reach targets in the range between a short-range precision strike missile and a long-range hypersonic weapon.

The branch added it chose Standard Missile-6 and Tomahawk missile variants being used by the U.S. Navy for inclusion in the initial MRC prototype.

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