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Lockheed Martin Awarded $4B Missile Defense Deal

Mon, 09/23/2013 - 2:24pm
The Associated Press

NEW YORK (AP) — Lockheed Martin Corp. said Monday that it was awarded a $3.9 billion deal to provide missile defense equipment for the United States and the United Arab Emirates.

The contract includes making up to 110 interceptors for the U.S. Army and 192 interceptors for the UAE. It will also make ground equipment for the UAE. Missile defense systems are able to detect and destroy any incoming missiles.

The interceptors will be made at the company's facility in Troy, Ala., the company said. The launchers and fire control units will be made at its Camden, Ark. facility.

The U.S. government also has an option to continue its contract into fiscal year 2014 for up to $353 million, the Department of Defense said. That option has to be exercised by Dec. 31.

Shares of the Bethesda, Md.-based defense contractor fell 38 cents to $127.62 in midday trading Monday.

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