(By Balaseshan) Lockheed Martin Corp. (NYSE:LMT) has won a $68.9 million contract from the U.S. army for the Patriot Advanced Capability-3 (PAC-3) Missile production.
The Bethesda, Maryland-based security and aerospace company said the facilitization contract provides funding for PAC-3 MSE-specific tooling and test equipment at the company's Camden, Arkansas facility ahead of a production decision by the U.S. Army in 2013.
"The PAC-3 MSE is a true spiral development that will enable a very capable interceptor to grow to the requirements of defeating new and evolving threats," said Richard McDaniel, vice president for PAC-3 Missile programs at Lockheed Martin's Missiles and Fire Control business.
According to Lockheed Martin, the PAC-3 MSE Missile provides increased performance, greater altitude and range than the PAC-3 Cost Reduction Initiative Missile. The PAC-3 Missile is the only Patriot missile that utilizes hit-to-kill technology to engage incoming targets.
The PAC-3 MSE Missile will be packaged in a single canister that stacks to provide flexibility for the Patriot air defense system launcher load-out requirements. The PAC-3 MSE Missile was selected as the primary interceptor for the multi-national MEADS in September 2006.
LMT shares slipped 0.68 percent to trade at $88.00 on Thursday.