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Lockheed Martin Wins Up to $35 Billion Contract to Expand US Missile Defense Production

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Lockheed Martin (LMT) won a seven-year US government contract worth up to $35 billion to quadruple production of its Terminal High Altitude Area Defense interceptors.

The award is one of the first major multiyear procurement contracts under the Pentagon's new acquisition strategy, Lockheed Martin said Wednesday in a statement.

The contract implements a THAAD framework agreement signed in January and is intended to support long-term production scaling and strengthen the missile-defense industrial base for the US and its allies, the company said.

Lockheed Martin shares rose 0.9% in after-hours trading.

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