WASHINGTON (dpa-AFX) - L3Harris Technologies, Inc. (LHX), a defense technology company, on Monday said it has signed a framework agreement with the Department of War and aerospace and defense company Lockheed Martin for a multi-year contract to quadruple propulsion production for the Terminal High Altitude Area Defense (THAAD) system.
The seven-year agreement will be the largest THAAD propulsion award received by L3Harris to date and is expected to be finalized later this year. Financial terms were not disclosed.
Under the agreement, L3Harris will continue producing THAAD's Solid Rocket Boost Motors (SRBMs) and Liquid Divert and Attitude Control Systems (LDACS) for the Missile Defense Agency.
THAAD is designed to intercept ballistic missile threats both inside and outside the Earth's atmosphere and has achieved a 100% success rate in intercept tests since production began, according to L3Harris.
L3Harris said it is investing billions of dollars to accelerate production of critical munitions, including expanding manufacturing capacity, constructing around 60 facilities, and adding or upgrading nearly 1 million square feet of manufacturing and office space across its solid rocket motor production sites in Alabama, Virginia and Arkansas.
L3Harris shares closed up 0.18% at $300.21 on Friday.
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