Pentagon Awards Lockheed Martin $58.62 Billion for PAC-3 Missile Production

3-line summary

• The US Department of War awarded Lockheed Martin a seven-year, up to $53.86 billion undefinitized contract for PAC-3 Missile Segment Enhancement interceptors on July 29, bringing the total multiyear deal to $58.62 billion including a prior $4.7 billion award from April.
• The award follows a sharp depletion of Patriot missile stockpiles, which a CSIS report said lost 65% of their prewar count during the Iran conflict; Lockheed plans to triple PAC-3 MSE production capacity by 2030 and grow its Camden, Arkansas workforce from 1,200 to about 1,850.
• This is Lockheed's second major multiyear award under the Pentagon's Acquisition Transformation Strategy, following a $35 billion THAAD contract, backed by $8-9 billion in planned facility investment through 2030.

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