Lockheed Martin receives $1.4 billion for Patriot missile sales

Lockheed Martin has received a $1.4 billion foreign military sales contract for Patriot advanced capability production.

The contract supports the sale of 205 missile segment enhancements for the governments of South Korea, Qatar, Saudi Arabia, Taiwan, the United Arab Emirates and the United States. The agreement also includes associated ground support equipment for the missiles.

The U.S. Department of Defense reports the work will be performed at several locations, and expects it to be completed by June 2020. $711 million in procurement funds were obligated at the time of the contract award. Army Contracting Command in Redstone Arsenal, Ala., is listed as the contracting activity.

The Patriot Advanced Capability-3, or PAC-3, is a land-based element designed to provide simultaneous and and missile defense capabilities for U.S. and allied forces. The system is compatible with THAAD launchers for targeting multiple threats at a time.

Lockheed Martin says the interceptor is ideal for engaging incoming tactical ballistic missiles, cruise missiles, and enemy aircraft. The company says the product has been sold to 10 international customers.