L3Harris Technologies Bags $6 Bln THAAD Propulsion Expansion Contract From Lockheed Martin

(RTTNews) - Tuesday, L3Harris Technologies, Inc. (LHX) announced that the company has secured an undefinitized contract from Lockheed Martin (LMT), valued at more than $6 billion, excluding escalations, over seven years to significantly expand propulsion production for the Terminal High Altitude Area Defense or THAAD system.

The company added that the contract reflects its demonstrated ability to quickly deliver critical defense technologies at the scale and speed required by the Department of War.

Under the contract, the American technology company will build a new facility to support increased THAAD Solid Rocket Boost Motor manufacturing and expand capacity for THAAD's Liquid Divert and Attitude Control production.

LHX was trading at $236.96, down 0.31 percent on the New York Stock Exchange.