Lockheed Martin Wins Patriot Contract Worth Nearly $1.6 Billion

Army Contracting Command on Thursday awarded Lockheed Martin [LMT] a contract modification worth nearly $1.6 billion for Patriot missiles, associated equipment and spares.

The modification concerns contract W31P4Q-14-C-0034, delivering Patriot missiles and associated equipment to South Korea, Qatar, Taiwan, the United Arab Emirates, and Saudi Arabia.

Work is set to be performed at facilities in Grand Prairie, Texas; Lufkin, Texas; Camden, Ark.; Chelmsford, Mass.; Ocala, Fla.; Huntsville, Ala.; and Anaheim, Calif. The estimated completion date is June 20, 2018, the Army said in a statement.

Over $1.3 billion in FY 2010 and 2015 other procurement funds were obligated at the time of award.