Pentagon, Lockheed Martin agree to $4.7 billion PAC-3 interceptor deal

The Pentagon has agreed to terms with Lockheed Martin on a $4.7 billion contract for the defense giant to accelerate production of its Patriot Advanced Capability-3 Missile Segment Enhancement interceptor . The contract, which follows a framework agreement announced in January, will allow Lockheed to “deliver record numbers of combat-proven interceptors for American and allied forces this year,” the company announced Friday . “Our investments in our facilities, workforce and supply chain ensure we can deliver at scale and with speed,” Tim Cahill, president of Lockheed Martin Missiles and Fire Control, said in a release. “With the right tools, proven processes and skilled employees in place, we are positioned to deliver a record number of munitions in support of the warfighter and our allies.” The PAC-3 Missile Segment Enhancement works by identifying and tracking a range of threats — using Boeing-made PAC-3 seekers — from ballistic missiles and hypersonics to hostile air platforms. Once the seeker identifies the target, the highly maneuverable all-up interceptor round, which uses a two-pulse solid rocket motor, engages and eliminates threats via direct body-to-body contact. Boeing earlier this month announced it had reached a framework agreement with the Defense Department to triple production of its PAC-3 seekers. Lockheed’s framework agreement announced in January included a target of increasing annual PAC-3 interceptor production from approximately 600 to 2,000 over a span…