Nasdaq:
Defense behemoth Lockheed Martin Corporation announced that its unit Lockheed Martin Missile and Fire Control has received a $174.8 million foreign military sales (“FMS”) contract from United Arab Emirates (“UAE”) for 124 Army Tactical Missile Systems T2K Unitary M57 guided missile and launching assemblies, test equipment, flight test, and associated services.
These advanced missile systems will help UAE to strengthen its existing missile defense capabilities and also pave the way for more interoperability with the defense systems of the U.S. as well as other allied nations.
Work on the FMS contract will be performed in Camden, AR and is expected to be completed by Jul 31, 2018. Lockheed Martin earns the majority of its revenues from U.S. defense contracts while FMS deals also contribute substantially to its top line.
