Lockheed Martin clinches $4.94 billion US Army missile contract
March 31 (Reuters) - Lockheed Martin (LMT.N), opens new tab on Monday said the U.S. Army had awarded it a contract worth up to $4.94 billion to produce Precision Strike Missiles (PrSM).
Defense companies are seeing a surge in weaponry demand, driven by conflicts across the globe.
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The Pentagon has been prioritizing purchases of the PrSM, which is to replace the Army Tactical Missile (ATACM).
PrSM is Lockheed's next-generation long-range precision strike missile, capable of neutralizing targets beyond 400 kilometers.
Shares of the defense giant rose more than 1% in afternoon trade.
The news of the company securing the army's indefinite delivery/indefinite quantity contract comes after U.S. President Donald Trump earlier this month awarded the U.S. Air Force's fighter jet contract worth more than $20 billion to Boeing (BA.N), opens new tab replacing Lockheed's F-22 Raptor.
Reporting by Anshuman Tripathy in Bengaluru; Editing by Maju Samuel
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