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TheStreet Open House

Lockheed Martin Receives $308 Million Contract Modification For Production Of PAC-3 Missiles

DALLAS, Aug. 12, 2013 /PRNewswire/ -- Lockheed Martin [NYSE: LMT] received a $308 million contract modification  from the U.S. Army Aviation and Missile Command for hardware and services associated with the combat-proven PATRIOT Advanced Capability-3 (PAC-3) Missile Segment program. 

In addition to Fiscal Year 2013 missile and command launch system production for the U.S. Army, the contract marks the first Foreign Military Sale of the PAC-3 Missile to Kuwait. Kuwait is the sixth international customer for the PAC-3 Missile.

The contract includes production of 244 hit-to-kill PAC-3 Missiles, 72 launcher modification kits and associated tooling, as well as program management. This is the 14 th production buy of the PAC-3 Missile Segment by the U.S. government.

" Kuwait's purchase of PAC-3 Missiles will provide its defense forces with a superior air and missile defense capability," said Richard McDaniel, vice president of PAC-3 Missile programs at Lockheed Martin Missiles and Fire Control. "This is another example of the growing global interest for the PAC-3 Missile's capabilities."

In 2009, Taiwan became the fifth international customer for the PAC-3 Missile, joining the Netherlands, Germany, Japan and the United Arab Emirates in fielding the system.

Production will take place at Lockheed Martin's manufacturing facilities in Dallas and Lufkin, Texas; Chelmsford, Mass.; Ocala, Fla.; and Camden, Ark. Deliveries will begin in 2014.

Lockheed Martin is the prime contractor on the PAC-3 Missile Segment upgrade to the PATRIOT air defense system. 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.

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