LMT - Lockheed Martin Wins $17B Contract To Shield US From North Korea Iran Missile Threats | Benzinga
In a significant development for the defense sector, Lockheed Martin (NYSE:LMT) has clinched a substantial contract with the U.S. Missile Defense Agency, marking a pivotal moment for the company amidst recent budgetary adjustments and competitive pressures.
What Happened: Lockheed Martin has been awarded a $17 billion contract for the development of the Next Generation Interceptor (NGI), Reuters reported on Tuesday. This system is integral to the United States’ defense strategy against intercontinental ballistic missile threats.
The NGI program is designed to counter potential threats from nations such as North Korea and Iran. This contract is a significant win for Lockheed Martin following the U.S. government’s decision to reduce F-35 jet orders and the cancellation of a helicopter project that Lockheed had been involved in.
The contract will modernize the Ground-Based Midcourse Defense (GMD) system, which includes radars and interceptors to protect the U.S. from missile attacks.
Sarah Hiza, general manager at Lockheed, expressed the company’s commitment to delivering effective interceptors, with the first operational interceptor expected by 2028. The NGI is in the technology development phase and will move to product development in May, according to Lieutenant General Heath Collins.
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