What Happened
Lockheed Martin Secures Major Army Contract for Missile Production
The US Army has awarded a $53.9 billion firm-fixed-price modification to Lockheed Martin for the PATRIOT Advanced Capability-3 (PAC-3) Production program. The contract converts a one-year undefinitized contract action into a seven-year multiyear procurement, increasing the not-to-exceed ceiling and encompassing all hardware, equipment, and manufacturing efforts required to produce PAC-3 Missile Segment Enhancement missiles. Work will be performed in multiple locations across the US, with an estimated completion date of March 31, 2035. This contract award was reported by the US Department of War Contracts.