The United States and allied military forces will upgrade their missile defense capabilities under a $524 million contract modification for production and delivery of Lockheed Martin (NYSE: LMT) Patriot Advanced Capability-3 (PAC-3) and PAC-3 Missile Segment Enhancement (PAC-3 MSE) interceptors. This modification is in addition to the $944 million contract awarded on Dec. 21, 2017 for PAC-3 and PAC-3 MSE production and delivery.

The contract modifications include PAC-3 and PAC-3 MSE missile deliveries, launcher modification kits, associated equipment and spares.

"PAC-3 and PAC-3 MSE give our customers unmatched, combat-proven hit-to-kill technology to address growing and evolving threats," said Jay Pitman, vice president of PAC-3 programs at Lockheed Martin Missiles and Fire Control. "PAC-3 and MSE are proven, trusted and reliable interceptors that employ hit-to-kill accuracy, lethality and enhanced safety to address dangers around the world."

The PAC-3 is a high-velocity interceptor that defends against incoming threats, including tactical ballistic missiles, cruise missiles and aircraft. PAC-3 currently provides missile defense capabilities for 11 nations – the U.S., Germany, Kuwait, Japan, Qatar, the Republic of Korea, Kingdom of Saudi Arabia, Taiwan, the Netherlands, United Arab Emirates and Romania.

Building on the combat-proven PAC-3, the PAC-3 MSE uses a two-pulse solid rocket motor that increases altitude and range to defend against evolving threats.

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About Lockheed Martin

Headquartered in Bethesda, Maryland, Lockheed Martin is a global security and aerospace company that employs approximately 100,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services.