Investing.com
HUNTSVILLE, Ala. – Boeing (NYSE:BA), a prominent player in the Aerospace & Defense sector with a market capitalization of $163 billion, has been awarded multiple contracts totaling approximately $2.7 billion to produce additional Patriot Advanced Capability-3 (PAC-3) seekers, according to a company press release issued Tuesday. InvestingPro data shows the company’s stock has surged over 35% in the past six months, reflecting growing investor confidence in its defense contracts.
The contracts call for Boeing to deliver more than 3,000 seekers with production rates reaching up to 750 units annually through 2030. The company will manufacture these components as a subcontractor to Lockheed Martin for the U.S. Army’s Patriot missile defense system.
Jim Bryan, executive director of Boeing Integrated Air & Missile Defense, said the multiyear awards recognize the company’s progress and will enable it to meet growing global demand for the PAC-3 seeker.
The PAC-3 seekers are critical components that enable Patriot interceptors to identify, track and defeat various threats, including hypersonic weapons, hostile aircraft, and ballistic and cruise missiles.
