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WASHINGTON, July 29 (Reuters) - The U.S. Army has awarded Lockheed Martin (LMT.N) a contract worth up to $58.62 billion for production of Patriot interceptor missiles, the Department of Defense said on Wednesday, a record contract awarded as conflicts across the globe diminish U.S. weapons stockpiles.
The U.S. has supplied large quantities of weapons to allies while also using munitions in its own military operations in Iran, raising concerns about inventories of key air defense and precision-guided weapons.
The award converts a previous one-year contract action worth $4.7 billion awarded in April into a seven-year draft agreement, creating a multiyear procurement plan for the interceptors from fiscal 2026 through 2032, the Army said.
The U.S. has supplied large quantities of weapons to allies while also using munitions in its own military operations in Iran, raising concerns about inventories of key air defense and precision-guided weapons.
The award converts a previous one-year contract action worth $4.7 billion awarded in April into a seven-year draft agreement, creating a multiyear procurement plan for the interceptors from fiscal 2026 through 2032, the Army said.
