Lockheed Martin Receives $1.5 Billion Missile Interceptor Deal
DALLAS, July 24, 2015 /PRNewswire/ — United States and allied military forces are set to upgrade key missile defense capabilities under a new $1.5 billion contract for production and delivery of Patriot Advanced Capability-3 (PAC-3) missiles and PAC-3 Missile Segment Enhancement (PAC-3 MSE) missiles.
The contract includes PAC-3 and PAC-3 MSE interceptor deliveries for the U.S. Army, and Foreign Military Sales of PAC-3 interceptors, associated equipment and spares for the Republic of Korea, the Kingdom of Saudi Arabia, Qatar, Taiwan and the United Arab Emirates.
“The PAC-3 and the PAC-3 MSE interceptors are the most advanced, capable and reliable terminal air defense missiles in the world,” said Scott Arnold, Lockheed Martin’s [NYSE: LMT] vice president of PAC-3 programs. “As threats grow in complexity, these interceptors will continue to be in high demand to protect soldiers and citizens around the globe.”
The PAC-3 Missile is a high velocity interceptor that defends against incoming threats including tactical ballistic missiles, cruise missiles and aircraft using hit-to-kill technology. PAC-3 currently provides missile defense capabilities for six nations – the U.S., the Netherlands, Germany, Japan, United Arab Emirates and Taiwan; and Lockheed Martin is on contract with four additional nations – Kuwait, Qatar, South Korea and Saudi Arabia.
Building on the combat proven PAC-3, the PAC-3 MSE missile uses a two-pulse solid rocket motor that increases altitude and range to meet evolving threats.