Lockheed Martin Receives $308 Million Contract Modification For Production Of PAC-3 Missiles

DALLAS, Aug. 12, 2013 /PRNewswire/ -- Lockheed Martin [NYSE: LMT] received a $308 million contract modification  from the U.S. Army Aviation and Missile Command for hardware and services associated with the combat-proven PATRIOT Advanced Capability-3 (PAC-3) Missile Segment program. 

In addition to Fiscal Year 2013 missile and command launch system production for the U.S. Army, the contract marks the first Foreign Military Sale of the PAC-3 Missile to Kuwait. Kuwait is the sixth international customer for the PAC-3 Missile.

The contract includes production of 244 hit-to-kill PAC-3 Missiles, 72 launcher modification kits and associated tooling, as well as program management. This is the 14^th production buy of the PAC-3 Missile Segment by the U.S. government.

"Kuwait's purchase of PAC-3 Missiles will provide its defense forces with a superior air and missile defense capability," said Richard McDaniel, vice president of PAC-3 Missile programs at Lockheed Martin Missiles and Fire Control. "This is another example of the growing global interest for the PAC-3 Missile's capabilities."

In 2009, Taiwan became the fifth international customer for the PAC-3 Missile, joining the Netherlands, Germany, Japan and the United Arab Emirates in fielding the system.

Production will take place at Lockheed Martin's manufacturing facilities in Dallas and Lufkin, Texas; Chelmsford, Mass.; Ocala, Fla.; and Camden, Ark. Deliveries will begin in 2014.

Lockheed Martin is the prime contractor on the PAC-3 Missile Segment upgrade to the PATRIOT air defense system. The PAC-3 Missile Segment consists of the PAC-3 Missile, a highly agile hit-to-kill interceptor, the PAC-3 Missile canisters (each of which hold four PAC-3 Missiles, with four canisters per launcher), a fire solution computer and an enhanced launcher electronics system and launcher support hardware.

Lockheed Martin is a world leader in systems integration and the development of air and missile defense systems and technologies, including the first operational hit-to-kill missile. It also has considerable experience in missile design and production, infrared seekers, command and control/battle management, and communications, precision pointing and tracking optics, as well as radar and signal processing. The company makes significant contributions to all major U.S. missile defense systems and participates in several global missile defense partnerships.

Lockheed Martin Missiles and Fire Control is a 2012 recipient of the U.S. Department of Commerce's Malcolm Baldrige National Quality Award for performance excellence. The Malcolm Baldrige Award represents the highest honor that can be awarded to American companies for their achievements in leadership, strategic planning, customer relations, measurement, analysis, workforce excellence, operations and results.

Headquartered in Bethesda, Md., Lockheed Martin is a global security and aerospace company that employs about 116,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. The Corporation's net sales for 2012 were $47.2 billion.

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SOURCE Lockheed Martin