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Lockheed nearing $2 billion plus deal for sale of THAAD missiles: sources

 Lockheed nearing Lockheed nearing $2 billion plus deal for sale of THAAD missiles: sources billion plus deal for sale of THAAD missiles: sources

WASHINGTON (Reuters) - Lockheed Martin Corp is nearing an award from the Pentagon worth more than $2 billion for THAAD interceptor missiles, some of which are slated to be delivered to the Kingdom of Saudi Arabia, people familiar with the deal said on Monday.

In November, the Saudis and U.S. officials signed the letters of offer and acceptance formalising terms for Saudi's purchase of 44 THAAD launchers, missiles and related equipment.

The award could come as soon as Monday afternoon, the people said on condition of anonymity.

Representatives for Lockheed Martin and the Pentagon declined to comment.

Lockheed Martin, the biggest U.S. arms maker, builds and integrates the THAAD system, which is designed to shoot down short-, medium- and intermediate-range ballistic missiles. Raytheon, another U.S. firm, builds its advanced radar.

As a part of the scope of work outlined by the Pentagon, obsolete systems currently in place will be updated to prepare the current Saudi missile defence infrastructure for the new Terminal High Altitude Area Defence (THAAD) technology.

(Reporting by Mike Stone; Writing by Nick Zieminski; Editing by Bill Berkrot)

This story has not been edited by Firstpost staff and is generated by auto-feed.

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Updated Date: Apr 02, 2019 02:06:03 IST

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