January 8, 2008 -- Lockheed Martin Corp., the nation's largest military contractor, said Tuesday it was awarded a $556 million from the U.S. Army Aviation and Missile Command for work related to the Patriot Missile program.

The Bethesda, Md.-based company will provide hardware, including production of 148 Patriot Advanced Capability-3, or PAC-3, Missiles, 17 launcher modification kits and other equipment, as well as program management and engineering services.

Production of the equipment will take place in Dallas and Lufkin, Texas, Chelmsford, Mass., Ocala, Fla. and Camden, Ark.

The work is expected to be completed by July 2010.

As part of the contract, Lockheed will also provide modifications to existing Patriot launchers to allow them to fire the new PAC-3 missiles.

Shares of Lockheed added $1.46 to $107.72 in afternoon trading.

Source: Associated Press Newswires