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Yahoo
01-04-2025
- Business
- Yahoo
Lockheed Martin snags $5 billion US Army missile contract
Lockheed Martin announced Monday that the U.S. Army had awarded it a contract worth nearly $5 billion to produce its next-generation long-range precision strike missile. The contract is worth up to $4.94 billion and will see Lockheed Martin provide Precision Strike Missiles (PrSM) to the Army, which views the weaponry as the successor to the Army Tactical missile (ATACM). The missiles are compatible with the High Mobility Artillery Rocket System (HIMARS) and Multiple Launch Rocket System (MLRS), platforms used by the Army and Marine Corps along with a number of U.S. allies that have acquired those systems or intend to. "Lockheed Martin is committed to delivering this deterrent capability in support of the Army's vision for a lethal and resilient force," said Carolyn Orzechowski, VP of Ppecision fires launchers and missiles at Lockheed Martin. "Our team remains focused on advancing the production at speed and scale, ensuring the warfighter receives this critical capability to maintain peace through strength." Boeing's Double Dose Of Good News: Fighter Jets And Cash According to Lockheed, the PrSM has a range beyond 499 kilometers, or 310 miles, and it was designed with an open architecture that allows the capability to be improved incrementally to achieve longer ranges. Read On The Fox Business App The company has worked on several variants of the PrSM, including versions designed as land-based anti-ship missiles, longer-range variants and to carry different explosive munitions. The Army's PrSM contract is structured as an indefinite delivery, indefinite quantity contract, which is designed to provide flexibility when the exact quantity or delivery schedule is unknown. Trump's Plan To Revive Us Shipbuilding Sends 'Critical Signal' To China Amid Flaring Trade Tensions: Experts Though this PrSM contract is for the Army, the U.S. Marine Corps as well as the Australian Army have indicated they intend to acquire the PrSM. Lockheed Martin securing the precision strike missile contract comes after it missed out on the Air Force's next generation air dominance (NGAD) fighter jet contract, which is valued at more than $20 billion and was awarded to Boeing to replace Lockheed's F-22 article source: Lockheed Martin snags $5 billion US Army missile contract
Yahoo
31-03-2025
- Business
- Yahoo
Lockheed Martin clinches $4.94 billion US Army missile contract
(Reuters) - Lockheed Martin 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. 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 replacing Lockheed's F-22 Raptor. Sign in to access your portfolio
Reuters
31-03-2025
- Business
- Reuters
Lockheed Martin clinches $4.94 billion US Army missile contract
Weapons are pictured at a Lockheed Martin weapons factory, in Troy, Alabama, U.S. May 3, 2022. REUTERS/Jonathan Ernst/File Photo Purchase Licensing Rights, opens new tab 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. The Reuters Tariff Watch newsletter is your daily guide to the latest global trade and tariff news. Sign up here. 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 Our Standards: The Thomson Reuters Trust Principles., opens new tab
Yahoo
10-03-2025
- Business
- Yahoo
Trump's Halt on Ukraine Military Aid Puts U.S. Defense Contracts, Palantir at Risk
U.S. President Donald Trump has frozen military aid to Ukraine, just days after publicly confronting Ukrainian President Volodymyr Zelenskiy at the White House. The stop has major ramifications for American military industry as well as Ukraine's war effort. Since Russia's February 2022 invasion, the US has promised and paid at least $65 billion in military assistance for Ukraine. The Ukraine Security Assistance Initiative finances long-term weapon purchases from defense contractors, while the Presidential Drawdown Authority permits quick transfers from U.S. military stockpiles, therefore providing this aid. With about $20 billion already given, more than $31 billion has been promised using drawdown power. Ukraine still awaits a delivery of armored vehicles due in mid-2025. From U.S. and partner defense companies, the Ukraine Security Assistance Initiative has invested around $33.2 billion for new armaments and military equipment. This longer-term assistance guarantees a supply of contemporary weapons as well as consistent manufacturer income. The stop in U.S. funding might throw off next investment choices and output targets. Key source of combat information and data analytics for Ukraine, Palantir (PLTR, Financials) can find declining demand for its products if Ukraine tries to finance or acquire the technologies without American help. The stop in funding might affect the sources of income for Palantir connected to military contracts. Among the weapons and tools supplied during the conflict include F-16 fighter planes, ATACM missiles, High Mobility Artillery Rocket Systems, the Guided Multiple Launch Rocket System, short-range air defense interceptors, air-to- ground bombs and artillery. This article first appeared on GuruFocus.
