Lockheed Martin To Boost Missile Production

Company will produce additional Hellfire II precision-strike, laser-guided air-to-ground missiles for U.S. and international armed forces under a $357 million contract with the Army.

ORLANDO, Fla. (AP) -- Lockheed Martin Corp. said Monday it will produce additional Hellfire II precision-strike, laser-guided air-to-ground missiles for U.S. and international armed forces under a $357 million contract with the Army.

Delivery of the missiles will begin in 2010.

The contract also provides options for major additional orders in 2009 and 2010 that, if exercised, will sustain full-rate production through 2013 in Lockheed Martin's Troy, Ala., and Ocala, Fla., operations.

All four configurations of the missile have been used by U.S. and coalition forces in Iraq and Afghanistan with more than 6,800 rounds fired from multiple platforms. More than 22,000 rounds have been delivered since production began in 1994.

In addition to the U.S., 16 nations have bought the missiles.

Shares of Bethesda, Md.-based Lockheed Martin fell $1.61 to $114.16 in trading Monday afternoon. The shares have traded between $90.44 and $117.04 the past year.

More in Operations