Lockheed Receives $562 Million Missile Contract

By Micah Maidenberg

Lockheed Martin Corp. (LMT) has received a new contract to produce missiles for the U.S. Army, as well for certain foreign militaries, the defense contractor said.

The Bethesda, Md.-based company said Tuesday it will make Army Tactical Missile System missiles under a $561.8 million contract. In a statement, the company didn't specify which overseas militaries will receive the missiles.

The company will produce the missiles at a facility in Camden, Ark., where it is expanding manufacturing operations.

Shares of Lockheed have risen more than 37% so far this year through Monday, as investors turn to the defense sector to find stocks perceived as safer bets. Investors have also been buying shares of military companies on the expectation that defense spending may rise.

A Senate committee last month approved allocating $750 billion for defense spending as part of a budget bill.

Write to Micah Maidenberg at [e-mail]

(END) Dow Jones Newswires

June 25, 2019 10:00 ET (14:00 GMT)

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