Lockheed Martin Wins Contract From US Army To Refill Its Depleted Air Defence Stocks

The U.S. Army recently awarded Lockheed Martin (NYSE: LMT) a contract to support increasing production capacity to 650 Patriot Advanced Capability – 3 (PAC-3®) Missile Segment Enhancements (MSEs) per year. This is a vital step in significant efforts to meet the global demand for the world’s most advanced missile. 

“Demand for PAC-3 MSE’s combat-proven deterrence capabilities continues to grow at a rapid pace,” said Brian Kubik, vice president of PAC-3 Programs at Lockheed Martin Missiles and Fire Control. “To meet the increased demand, Lockheed Martin started this effort with internal funding more than a year ago to expand the PAC-3 MSE production capacity, both in our factories and across the supply chain. We are also investing to implement lean, agile processes to deliver this critical product to our partners more efficiently.” 

Over the last eight months, the PAC-3 team has significantly increased output and achieved new record highs for missile production. In 2024, production has grown by more than 30% with another 20% growth planned for next year. 

Lockheed Martin is on track to produce in excess of stated capacity for the next several years. By the end of 2024, Lockheed Martin will have exceeded 500 PAC-3 MSEs, a new production high. The team also recently completed the 2,000th PAC-3 MSE missile– a significant milestone in the life of the program.

To read more, please visit Lockheed's website.