Economy

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13. Lockheed Martin clinches $4 billion Pentagon missile defense deal

Sat Sep 21, 2013, 08:03 AM

Sep 2013

http://www.reuters.com/article/2013/09/21/us-lockheed-missile-idUSBRE98K00G20130921

(Reuters) - The Pentagon said on Friday it had finalized a contract worth nearly $4 billion with Lockheed Martin Corp (LMT.N) to supply additional missile defense equipment to the United States and the United Arab Emirates.

The deal involves Lockheed's Terminal High Altitude Area Defense (THAAD) missile defense system that is designed to intercept ballistic missiles in midair, according to the Pentagon's daily digest of major weapons contracts.

The contract reflects growing confidence and demand for the missile defense system, said Riki Ellison, founder of the non-profit Missile Defense Advocacy Alliance.

The deal, which has been in negotiation for several years, will combine orders for the United States and UAE, generating savings for the United States of about 10 percent, said Mat Joyce, Lockheed vice president and THAAD program manager.

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