L3Harris Technologies (NYSE: LHX) has received an undefinitized contract from Lockheed Martin, valued at more than $6 billion (excluding escalations) over seven years, to significantly expand propulsion production for the Terminal High Altitude Area Defense (THAAD) system.
This major milestone follows a framework agreement L3Harris and the Department of War announced earlier this year to quadruple THAAD propulsion production. This award, along with the recently released PAC-3 MSE propulsion contract, is consistent with the company’s previously announced expectations for both programs.
“This contract underscores L3Harris’ demonstrated ability to quickly deliver critical defense technologies at the scale and speed required by the Department of War,” said Ken Bedingfield, President, Missile Solutions, L3Harris. “Our planned facility expansions, along with ongoing investments across our propulsion portfolio, will ensure we remain ready to support the nation’s most important missile defense missions and continue to enable a wartime footing.”
The company will construct a new facility to support increased THAAD Solid Rocket Boost Motor manufacturing and is also expanding capacity for THAAD’s Liquid Divert and Attitude Control production.
“L3Harris is proud to partner with Lockheed Martin to significantly scale production of these vital interceptors, providing warfighters with the reliable, proven capabilities they need to defeat a range of threats,” Bedingfield added.
THAAD is one of the nation’s most advanced missile defense systems, capable of intercepting threats inside and outside of Earth’s atmosphere. THAAD has achieved a 100% intercept success rate in flight tests since production began, providing crucial defense against short-, medium- and intermediate-range ballistic missile threats.
About L3Harris Technologies
L3Harris is the Trusted Disruptor in defense tech. With customers’ mission-critical needs always in mind, our employees deliver end-to-end technology solutions connecting the space, air, land, sea and cyber domains in the interest of national security. Visit L3Harris.com for more information.
Forward-Looking Statements
This press release contains forward-looking statements that reflect management's current expectations, assumptions and estimates of future performance and economic conditions. Such statements are made in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and may be identified by the use of the words such as “expect,” “will” or similar expressions. In addition, statements about order values, future plans, production capacity and system capabilities are forward-looking and involve risks and uncertainties. The company cautions investors that any forward-looking statements are subject to risks and uncertainties that may cause actual results and future trends to differ materially from those matters expressed in or implied by such forward-looking statements, including continued funding up to the full contract value and other risks set forth in the Company’s Annual Report on Form 10-K and other filings with the SEC. L3Harris disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
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