Lockheed Martin (NYSE: LMT) has received a potential five-year, $307.1 million contract from the U.S. Army to repair and recertify its Phased Array Tracking Radar to Intercept on Target Advanced Capability-3 missiles.
U.S. Army Contracting Command at Redstone Arsenal in Alabama is the contracting activity and obligated at the time of award $150.4 million in fiscal year 2022 funds as part of a foreign military sales agreement with Taiwan, the Department of Defense said Thursday.
Work on the firm-fixed-price contract will occur at the company’s facility in Grand Prairie, Texas, through June 30, 2027.
The PATRIOT Advanced Capability-3 or PAC-3 is the Army’s guided air and missile defense system designed to provide warfighters hit-to-kill capability in altitude and range. PAC-3 missiles work to protect critical assets and ground forces from tactical ballistic missiles, aircraft and cruise missiles.