Lockheed to Produce PAC-3 Missiles Under $2.4B Army Contract Modification

Lockheed Martin (NYSE: LMT) has booked a potential $2.45 billion contract modification from the U.S. Army to produce guided air and missile defense systems.

The aerospace and defense contractor will manufacture the Phased Array Tracking Radar to Intercept on Target Advanced Capability-3 missiles at its facility in Grand Prairie, Texas, through the end of December 2029, the Department of Defense said Friday.

Army Contracting Command is obligating the full contract amount using fiscal 2023 missile procurement and foreign military sales funds.

In September, Lockheed received a $273 million contract modification for PATRIOT Advanced Capability-3 missile production support.

The PAC-3 system comes with a hit-to-kill capability designed to protect ground forces and critical assets from cruise missiles, advanecd aircraft and tactical ballistic missiles.

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