Lockheed Martin (NYSE: LMT) announced a $364 millionproduction contract for Army Tactical Missile System (ATACMS) missiles for the U.S. Army and a Foreign Military Sales customer.

The program will allow the military services to upgrade their existing Block 1 missiles with new technology and double the range, while extending the missiles' shelf life by more than 10 years and providing warfighters the latest surface-to-surface missile capability.

Both the SLEP and new ATACMS rounds will be produced at Lockheed Martin's Precision Fires Production Center of Excellence in Camden, Arkansas. All missiles under this contract are scheduled to be delivered by January 2021.

Lockheed Martin has produced more than 3,850 ATACMS missiles. More than 600 ATACMS have been fired in combat, and the system has demonstrated extremely high rates of accuracy and reliability while in theater. Each ATACMS missile is packaged in a Guided Missile Launch Assembly pod, and is fired from the Multiple Launch Rocket System (MLRS) family of launchers.

For more than 40 years, Lockheed Martin Missiles and Fire Control has been the leading designer and manufacturer of long-range, surface-to-surface precision strike solutions, providing highly reliable, combat-proven systems like MLRS, High Mobility Artillery Rocket System, ATACMS and GMLRS to domestic and international customers.

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.