Lockheed Confirms Receipt of $755 Million Patriot Contract

On Thursday, Lockheed Martin (NYSE: LMT  ) confirmed receipt of a $755.1 million firm-fixed-price contract for the production of Patriot PAC-3 missile defense systems, originally announced by the Department of Defense last week.

At the time of last week's announcement, the destination of the Patriots had not been made clear. Lockheed's statement clarifies that the contract is actually for two customers. First, funds are being disbursed for Fiscal Year 2013 production of Patriot missiles and command launch systems for the U.S. Army. Additional missiles are destined for Taiwan.

In all, Lockheed has been tasked with producing 168 PAC-3 Patriot missiles and 27 launcher modification kits (used to upgrade existing Patriot air defense systems with PAC-3 Missile Segments). Lockheed will also provide program management and services to the U.S. Army. Deliveries are to begin sometime in the first half of 2014, and should conclude by July 31, 2015 .

The PAC-3 Missile Segment consists of the PAC-3 Missile, a highly agile hit-to-kill interceptor, the PAC-3 Missile canisters (each of which hold four PAC-3 Missiles, with four canisters per launcher), a fire solution computer, and an enhanced launcher electronics system and launcher support hardware. Lockheed is the prime contractor upgrading Patriot systems to the PAC-3 configuration.

 

Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2190615, ~/Articles/ArticleHandler.aspx, 8/23/2014 3:36:18 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement