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Lockheed Receives $1B in Army Missile Production Funds

Lockheed Martin (NYSE: LMT) has secured a pair of contract modifications worth $1.06 billion combined from the U.S. Army to produce air-to-ground and guided air-and-missile defense systems.

The Bethesda, Maryland-headquartered defense contractor will manufacture and deliver Patriot Advanced Capability-3 missiles under a $556.1 million contract modification, the Department of Defense said Monday.

This award includes foreign military sales to Bahrain, Kuwait, Poland, Qatar, South Korea, Switzerland, Taiwan and the United Arab Emirates.

Lockheed received a separate $501.7 million modification to build an air-to-ground missile system for the Army and its FMS customers Australia, France, India and the Netherlands.

Army Contracting Command, which acts as the contracting activity for the purchases, will obligate funds from missile and ammunition procurement and FMS budget allocation.

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