Lockheed tapped for additional THAAD interceptors

The deal, announced Wednesday by the Department of Defense, is valued at more than $145.2 million under the terms of a fixed-price incentive-firm target contract for line item numbers -- a modification to a previous Pentagon award.

The contract from the U.S. Missile Defense Agency enables Lockheed Martin to provide additional Terminal High Altitude Area Defense, or THAAD, Lot 10 anti-ballistic missile interceptors, along with associated products, according to the Defense Department.

The modified contract surges the award to Lockheed by more than $145.2 million dollars, bringing the total cumulative value the contract to more than $1.431 billion.

Work on the contract will occur in multiple locations across the United States, and is expected to be complete in August 2021.

The total amount of the contract will be obligated to Lockheed Martin at time of award.

The funds will be allocated from fiscal 2018 procurement funds, the Pentagon said.