Reuters:
BERLIN (Reuters) – U.S. arms maker Lockheed Martin Corp (LMT.N) and Europe’s MBDA hope to finalize a contract with the German government by the end of the year for a new air and missile defense system worth billions of euros, a top Lockheed executive said on Wednesday.
MBDA’s German unit and Lockheed formed a 60-40 joint venture in March to press ahead with the new TLVS defense system after years of negotiations with the German defense ministry.
The German defense ministry announced in 2015 that it had chosen the Medium Extended Air Defence System (MEADS) — developed with $4 billion in funding from Germany, Italy and the United States — over Raytheon Co’s (RTN.N) Patriot system.
