Lockheed Gets $1.45B Contract to Supply PAC-3 Missile Interceptors to Army, Foreign Govt Clients

Lockheed Martin (NYSE: LMT) has received a potential three-year, $1.45 billion contract to produce and supply Patriot Advanced Capability-3 and PAC-3 Missile Segment Enhancement interceptors for the U.S. Army and allied countries through a foreign military sales agreement.

The fixed-price-incentive contract covers the delivery of 205 PAC-3 MSE interceptors for the U.S. Army and Qatar and 58 cost-reduction initiative missiles for the service branch and South Korea, the Defense Department said Thursday.

Lockheed™s missiles and fire control business will also supply spare parts, related ground support equipment and launcher modification kits to Qatar, South Korea, Taiwan, Saudi Arabia and the United Arab Emirates.

The Army Contracting Command will obligate $712 million in œother procurement funds for fiscal 2015 through 2017 at the time of award and expects work to be finished on June 30, 2020.

Scott Arnold, vice president of PAC-3 programs at Lockheed, said in a statement published Thursday PAC-3 and PAC-3 MSE interceptors have a œhit-to-kill platform that works to help U.S. and allied warfighters perform terminal air- and missile-defense missions.

The PAC-3 missile works to defend against cruise missiles, hostile aircraft and tactical ballistic missiles, while the PAC-3 MSE interceptor has a dual-pulse solid rocket motor designed to increase altitude and range in order to detect and engage incoming enemy threats.

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