Author: Matthew Nelson|| Date Published: March 25, 2020
Lockheed Martin (NYSE: LMT) has secured a six-year, $932.8M contract modification from the Missile Defense Agency to manufacture ballistic missile interceptors for the U.S. government and Saudi Arabia to fullfill a foreign military sales case requirement.
The company’s missiles and fire control unit will provide Terminal High Altitude Area Defense systems and one-shot devices under fixed-price incentive line items on a previously awarded contract, the Department of Defense said Tuesday.
DoD noted the modification brings the contract’s total value from $5.37B to $6.30B.
The U.S. will provide $327.4M in fiscal 2020 procurement funds and Saudi will allocate $605.3M in FMS funds for the award. DoD expects work to conclude by April 1, 2026.
THAAD is designed to work with other ballistic missile defense platforms and uses a hit-to-kill technology to counter short and medium ballistic missile threats.
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