Lockheed wins $755 million contract for PAC-3 missiles

Lockheed Martin Corp has won a contract valued at $755 million for procurement of Patriot Advanced Capability-3 (PAC-3) missiles, including support for foreign military sales, the Pentagon announced on Thursday.

The contract runs through July 31, 2015, the Defense Department said in its daily digest of major arms contracts.

Lockheed describes the PAC-3 missile as the world's most advanced and powerful terminal air defense missile, which can be used against tactical ballistic missiles, cruise missile and aircraft. The missile defeats targets through a direct hit.