CHICAGO (dpa-AFX) - The Boeing Co. (BA) on Tuesday announced it has secured multiyear contracts worth about $2.7 billion to produce more than 3,000 Patriot Advanced Capability-3 or PAC-3 seekers through 2030.
Production under the contracts will reach rates of up to 750 units per year.
The company said it is working with Lockheed Martin and the U.S. Army to boost production to meet rising global demand driven by evolving threats in regions such as Ukraine, the Middle East, and the Indo-Pacific.
Boeing noted that the awards recognize its progress in scaling up production capacity through factory expansion, modernization, and supplier partnerships.
In the pre-market trading, the Boeing Co is 0.77% lesser at $213.90 on the New York Stock Exchange.
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