US to buy Patriot missiles for $58 billion

According to US Army officials, this contract converts a previous one-year agreement worth $4.7 billion, signed in April, into a seven-year draft agreement, creating a multi-year interceptor procurement plan for the period from fiscal years 2026 to 2032, Reuters reports.

Pentagon negotiators are pushing contractors to move much faster, and preliminary production agreements signed earlier this year are a central element of efforts to increase missile production.

The Trump administration is increasing pressure on defense contractors to prioritize production over shareholder payouts. In January, Trump signed an executive order aimed at identifying contractors that authorities believe are underperforming on government contracts while continuing to distribute profits to shareholders.

Lockheed Martin stated that the funding will enable it to fulfill its commitment to triple PAC-3 MSE production capacity by the end of 2030 and increase jobs at its Camden, Arkansas, plant by 50%, from 1,200 to approximately 1,850.

Photo: Department of Defense.