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05:07 AM, March 25, 2020
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Lockheed Wins $933M to Build THAADs for US, Saudi Arabia

Lockheed Martin has won a $932.8 million contract for the production of Terminal High Altitude Area Defense (THAAD) interceptor missiles for the US Missile Defense Agency and the Kingdom of Saudi Arabia.

"Lockheed Martin Corp., Missiles and Fire Control, Dallas, Texas, is being awarded a $932.8 million modification contract to exercise an option for the production of Terminal High Altitude Area Defense (THAAD) interceptors and associated one-shot devices to support the US government (USG) and the Kingdom of Saudi Arabia (KSA) Foreign Military Sales (FMS) case requirements," the Pentagon in a statement.

In July 2019, the company was awarded $1.47 billion to build THAAD missile defense system for Saudi Arabia. The contract, the Pentagon had said then, brought the total value of the deal to $ 5.4 billion.

"The THAAD interceptors and associated one-shot devices will be procured under fixed-price incentive (firm target) contract line items. The value of this contract is increased from $5.3 billion to $6.3 billion," the statement released on Tuesday read.

The country had signed a letter of offer and acceptance with the US for the procurement of 44 THAAD missile systems for an approximate $15 billion in November 2018. A $2.4 billion deal for THAAD interceptor missiles was inked between the two parties in April last year.

The Terminal High Altitude Area Defense is an anti-ballistic missile defense system made to shoot down short-, medium-, and intermediate-range ballistic missiles.

Work for the new contract expected to be completed by April 1, 2026.

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