Lockheed Martin to supply rocket systems to 3 countries

The contract, announced Friday by the Department of Defense, is valued at more than $828.7 million under the terms of a hybrid cost-plus-fixed-fee, firm-fixed-price and fixed-price-incentive foreign military sale contract.

The U.S. Army Contracting Command's deal with Lockheed Martin enables the company to provide guided multiple-launch rocket systems to Finland, South Korea and Romania, according to a Defense Department contract announcement.

Guided launch rocket systems are all-weather, ground-based precision-guided rocket systems with an effective range of more than 43 miles.

Work on the contract will occur in Grand Prairie, Texas, and is expected to be complete in May 2020.

The total amount of the contract will be obligated to Lockheed Martin at time of award -- the funds will be obligated from Army fiscal 2016, 2017 and 2018 other procurement and foreign military sales funds, the Pentagon said.