Lockheed (LMT) Wins $279M FMS Contract for PAC-3 Missiles

Specifications:

Name:

Lockheed (LMT) Wins $279M FMS Contract for PAC-3 Missiles

Location:

USA

Company:

Lockheed Martin

Estimated Cost:

$279 Million

Source:

news.lockheedmartin.com

Lockheed Martin Corp . LMT recently secured a $279-million modification contract for Patriot Advanced Capability-3 (PAC-3) missiles under the foreign military sales (FMS) program. Per the deal, the company will enhance the PAC-3 missiles production contract to include cost reduction initiative (CRI) missiles and associated ground support equipment. The deal will cater to Saudi Arabia

Details of the Deal

The contract was awarded by the U.S. Army Contracting Command, Redstone Arsenal, Alabama. Operations related to the deal will be carried out in Grand Prairie and Lufkin, TX; Camden, AZ; Chelmsford, MA; Ocala, FL and Huntsville, AL.

Lockheed Martin will utilize other procurement (Army) funds in fiscal 2018 to complete the task. Work related to the deal is scheduled to be completed by Feb 28, 2023.

A Brief Note on PAC-3 Missile System

The PAC-3 is a long-range, air-defense and medium- to high-altitude guided missile system. It is designed to counter tactical ballistic missiles, cruise missiles and advanced aircraft. The system’s radar set provides tactical functions of airspace surveillance, target detection, identification, classification, tracking, missile guidance and engagement support.

The PAC-3 Missile is a high-velocity interceptor that defeats incoming targets by a direct, body-to-body impact. PAC-3 Missiles, when deployed in a Patriot battery, significantly increase the Patriot system’s firepower, since 16 PAC-3s load-out on a Patriot launcher compared with four Patriot PAC-2 missiles. The company anticipates demand for this advanced missile system to be high, particularly in politically tense regions of the Middle East.