Zacks:
Lockheed Martin Corp. (LMT – Free Report) recently secured a $92-million modification contract for Phased Array Tracking on Radar to Intercept of Target (PATRIOT) Advanced Capability-3 (PAC-3) Missile Support Center. The deal is part of the U.S. logistics support missile repair and logistics support recertification.
Work related to the agreement is expected to be completed by Jun 8, 2019, while locations and funding for the task will be determined with each order. The contract has been awarded by the U.S. Army Contracting Command, Redstone Arsenal, AL.
The PAC-3 missile system is a long range, air defense and medium to high-altitude guided missile system. It is developed to counter tactical ballistic missiles, cruise missiles and advanced aircraft. The system’s radar set provides tactical functions of airspace surveillance, target detection, identification, classification, tracking, missile guidance and engagement support.
