(RTTNews) - Lockheed Martin Corp. (LMT) announced on Friday that the U.S. government has awarded a $4.7 billion contract to ramp up production of the PAC-3 Missile Segment Enhancement interceptors. This deal is set to increase manufacturing capacity and lead to record deliveries of this proven missile system this year.
The new agreement builds on an earlier arrangement with the U.S. Department of Defense to increase munitions output as part of a broader acquisition strategy.
The PAC-3 MSE interceptors are critical in defending against various aerial threats and have demonstrated their effectiveness in real-world operations. Lockheed Martin stated that their ongoing investments in facilities, workforce, and supply chains enable them to quickly scale up production, which will also create jobs and boost global defense readiness.
LMT is currently trading at $620.46, down $3.41 or 0.55 percent on the New York Stock Exchange.
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