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07:25 AM, December 23, 2016
Lockheed Martin Wins $1.4 Billion Patriot Missiles Upgrade Contract

Lockheed Martin has been awarded a foreign military sales contract worth $1.4 billion by the US Army to upgrade PATRIOT missile defense systems for the governments of Republic of Korea, Qatar, Saudi Arabia, Taiwan, US and United Arab Emirates.

“Lockheed Martin Missiles and Fire Control, Grand Prairie, Texas, was awarded a $1,452,561,722 fixed-price incentive, foreign military sales contract (Republic of Korea, Qatar, Saudi Arabia, Taiwan, United Arab Emirates) for fiscal 2017 PATRIOT advanced capability production,” the US Deparment of Defense announced Thursday.

This contract includes 205 missile segment enhancement U.S. and Qatar missiles; 58 cost reduction initiative U.S. and Republic of Korea missiles; spare parts for the U.S., Qatar, Republic of Korea, Taiwan, United Arab Emirates and Saudi Arabia; and associated ground support equipment, the statement said.

Work will be performed in multiple locations with an estimated completion date of June 30, 2020. Fiscal 2015, 2016 and 2017 other procurement (Army); and other funds in the amount of $711,755,244 were obligated at the time of the award, the statement added.

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