Lockheed Martin wins $932 mln US, Saudi missile contracts

01/04/2020 Argaam

 

Global security firm Lockheed Martin secured a $932 million contract to supply intermediate-range interceptor missiles to the US and Saudi Arabia. 

 

The new Terminal High Altitude Area Defense (THAAD) system, designed and manufactured by Lockheed Martin using Raytheon radars and Aerojet Rocketdyne boosters, is designed to shoot down short- and medium-range ballistic missiles on their descent. 

 

Foreign military sales funds earmarked for Saudi Arabia will pay for $605 million of the award, with the rest coming from US government funds, Lockheed Martin said in a statement.

 

The award comes nearly a year after Lockheed Martin received its first down payment on a $15 billion missile defense system for Saudi Arabia, it added. 

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