US Army awards Lockheed nearly $4.5 billion missiles contract
Lockheed Martin
Lockheed Martin Corp announced Monday that the US Army had awarded the company a multi-year production contract for Joint-Air-to-Ground Missiles (JAGM) and HELLFIRE missiles, with a deal that could potentially reach up to $4.5 billion, including the follow-on awards.
This contract is one of its kind, considering that it is the first of the multi-year awards for precision munitions aimed at building up stocks in deterring China.
The contract will have a total value of $439 million in its first year, including three additional follow-on awards set to begin in late 2023.
The JAGM program is bound to jumpstart an international demand for the weapon system internationally. As a result, Lockheed's move is to create a "significant increase" in global demand.
This news comes from President Joe Biden's request for $842 billion for the Pentagon and $44 billion for defence-related programs at the Federal Bureau of Investigation, Department of Energy, and other agencies in March.
As a result, the 2024 budget proposal is $28 billion more than last year's $858 billion.
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The award is significant for Lockheed Martin, as it cements its position as a leading provider of military munitions.
The company has a strong track record in this area, having delivered tens of thousands of HELLFIRE missiles to the US Army and its allies since the weapon system's introduction in the 1980s.
Lockheed Martin's JAGM is a next-generation precision missile that can be launched from various platforms, including helicopters, drones, and fixed-wing aircraft.
The missile is designed to take out various targets, including armoured vehicles, bunkers, and boats.
The contract is a major win for Lockheed Martin and a significant step forward in the US Army's plans to build up its arsenal of precision munitions.
The company is well-positioned to meet the anticipated increase in demand for the JAGM system.
This contract will likely serve as a foundation for additional contracts.
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