Lockheed Martin Lands $509.76 Million Contract Extension for Missile Procurement

Published 1 days agoLMT

Lockheed Martin Lands $509.76 Million Contract Extension for Missile Procurement

Lockheed Martin has clinched a notable contract modification from the U.S. Air Force, valued at $509.76 million. This modification is centered around providing advanced, long-range missiles, specifically enhancing the arsenal with the Joint Air to Surface Standoff Missile (JASSM) and the Long-Range Anti-Ship Missile (LRASM).

This latest modification boosts the total value of the contract to roughly $5.18 billion. The production for these missiles will take place in Orlando, Florida, with a timeline extending until July 31, 2029. The funding allocation includes $684.2 million from the Air Force's 2024 missile procurement budget, $612.7 million for fiscal 2025, and an additional $149.2 million from the Navy's 2025 weapons budget.

The continuation of this contract underscores the U.S. Department of Defense's dedication to strengthening its missile capabilities. As reported by Reuters, this development highlights Lockheed Martin's integral role in advancing defense technologies and fulfilling the military’s strategic needs.

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