US awards Lockheed Martin $58.6 billion in largest-ever Patriot missile deal



WASHINGTON, July 29 (Reuters) - The U.S. Army has awarded Lockheed Martin 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.