Lockheed Awarded $5.3B Army PAC-3 Missile Production Contract

Lockheed Martin (NYSE: LMT) has received a potential three-year, $5.3 billion contract from the U.S. Army to produce Phased Array Tracking Radar to Intercept on Target or PATRIOT Advanced Capability-3 missiles.

The Department of Defense said Friday Army Contracting Command at Redstone Arsenal in Alabama received one offer for the PAC-3 missile production firm-fixed-price contract through an online solicitation.

The aerospace and defense contractor will perform work in Alabama, Florida, New York, West Virginia, Vermont, California, Kansas, Arkansas, Massachusetts, Texas, Pennsylvania and Nebraska through June 30, 2027.

The military branch is obligating the full contract amount using Army funds, fiscal 2024 missile procurement and foreign military sales funds.

In April, Lockheed received a potential $2.45 billion contract modification from the Army for PAC-3 missile production support.

PAC-3 is an air defense, guided missile system that uses a hit-to-kill capability designed to protect ground forces and critical assets from cruise missiles, advanced aircraft and tactical ballistic missiles.

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