July 23, 2015 / 10:51 PM / 4 years ago

Lockheed wins $1.56 bln in foreign orders for PAC-3 missiles

WASHINGTON, July 23 (Reuters) - Lockheed Martin Corp has won $1.56 billion in new foreign orders for PAC-3 missiles used in the Patriot missile defense system built by Raytheon Co , the U.S. Defense Department said on Thursday.

The contracts, which run through June 2018, mark the culmination of negotiations between the U.S. government and the countries involved over the past year, after the sales were approved by the U.S. State Department and Congress was notified.

The Pentagon’s Defense Security Cooperation Agency announced the possible sale of up to $1.75 billion in PAC-3 missiles and associated equipment to Saudi Arabia last October, followed by an announcement in November about a similar deal valued at up to $1.41 billion with South Korea.

The U.S. government had already approved the sale to Qatar of PAC-3 missiles in November 2012.

Other countries that have ordered the Lockheed missile include the United States, the Netherlands, Germany, Japan, the United Arab Emirates, Taiwan and Kuwait. (Reporting by Andrea Shalal)

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