[Courtesy of Raytheon Company]
The Pentagon said on Monday Lockheed Martin Corp has won a contract to build PAC-3 missiles for the U.S. Army, South Korea, Qatar and Saudi Arabia for use in Raytheon Co's Patriot missile defense system.
The contract worth $1.09 billion runs through June 30, 2019, the department said in its daily digest of major arms contracts.
The PAC-3 Missile is a high-velocity interceptor that defends against incoming threats including tactical ballistic missiles, cruise missiles, and aircraft.
Last year, the U.S. government approved PAC-3 missile sales worth up to $1.41 billion with South Korea which is trying to boost its anti-ballistic capabilities against unpredictable North Korea.
South Korea has imported its Patriot missiles second-hand from Germany since 2008. It currently has PAC-2 missiles and the PAC-3 Configuration 2 launch system.
South Korea’s defense ministry said earlier this year that it would spend some 70 trillion won over the next four years to bolster its defense against North Korea.
By Alex Lee
reporter
Park Sae-jin
swatchsjp@ajunews.com
