Lockheed Martin Wins $58.6 Billion Patriot Missile Contract

The US Army has awarded Lockheed Martin a $58.6 billion contract for the production of Patriot missiles. This contract comes as a result of the depletion of America's arsenal due to conflicts in Iran and Ukraine. With this contract, Lockheed Martin will increase its PAC-3 MSE missile production capacity by three times by 2030 and will increase the number of personnel at its factory in Arkansas by 50%, to 1,850 employees. Lockheed Martin will also invest between $8 billion and $9 billion to modernize more than 20 US facilities by 2030. As part of this investment, new ammunition centers will be established in Alabama and Arkansas. The PAC-3 MSE is a hit-to-kill missile used in the Patriot air defense system against ballistic missiles, cruise missiles, and aircraft. This contract is seen as part of the US Army's efforts to increase and modernize its arsenal.