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LMT Lockheed Martin Corp

461.91
0.00 (0.00%)
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Last Updated: 10:38:21
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Share Name Share Symbol Market Type
Lockheed Martin Corp NYSE:LMT NYSE Common Stock
  Price Change % Change Share Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 461.91 39 10:38:21

Lockheed Martin Sees New Patriot Sales in Middle East

24/02/2015 8:40am

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ABU DHABI--Lockheed Martin Corp. Tuesday said Middle East countries could be the first foreign buyers of the newest Patriot anti-missile weapon as Persian Gulf countries continue a spending spree to build an air defense umbrella against enemy ballistic missiles and aircraft.

The Pentagon is starting to introduce the upgrade to the Patriot missile defense system that has been used extensively since the 1991 Persian Gulf war. The enhanced missile is designed to hit targets at greater altitude and range. The improved weapon, called MSE for missile system enhancement, is due to enter U.S. Army service this year.

"I think the first MSE [export] sales will be probably be to the Middle East," said Mike Trotsky, Lockheed Martin vice president for air and missile defense. Which country in the region will be first to commit is too early to judge, he told reporters at the International Defence Exhibition and Conference.

Middle Eastern countries have become increasingly concerned about ballistic missiles as Iran introduces an increasing number and more capable versions of such weapons.

A total of 18 countries have asked for information on the new Patriot missile, with several located also in Asia, among them Japan, Mr. Trotsky said.

Over the next few years most countries now using the currently most modern Patriot missile, called the PAC-3, will upgrade to the enhanced version, he said. Aside from the U.S. and Japan, the United Arab Emirates, Kuwait, Qatar, the Netherlands, Germany, and Taiwan are buyers of the PAC-3. Talks are also underway with Saudi Arabia to purchase the system, Mr. Trotsky said.

Lockheed Martin is also seeking more export sales of its higher-end Thaad missile defense system, designed to shoot down ballistic missiles also outside the atmosphere. The U.A.E has bought the system that Qatar said it also plans to field. Mr. Trotsky said a formal contract from Qatar is still more than a year away.

Saudi Arabia has also opened talks with the U.S. to buy the system, Pat Dewar, executive vice president for Lockheed Martin International said on Saturday.

Write to Robert Wall at robert.wall@wsj.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires


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