Pentagon awards Lockheed Martin up to $35B for THAAD production
Business
Lockheed Martin just landed a massive Pentagon contract (up to $35 billion) to ramp up production of THAAD missile interceptors.
The US is stepping up its defense game after running low on air-defense supplies, thanks to operations in Iran and sending more weapons to allies.
Missile production ramp-ups await congressional approval
With this deal, Lockheed will make four times more THAAD missiles and triple the output of Patriot interceptors.
Separate multiyear deals with RTX aim to boost Tomahawk cruise missiles and AMRAAM air-to-air missiles.
But everything hinges on Congress approving the funding, so it's not a done deal yet.