U.S. greenlights sale of 600 Patriot missiles to Saudi Arabia

Fortune

Saudi Arabia is having a tough summer; all while Lockheed Martin [fortune-stock symbol=”LMT”] has a banner year. The latest confluence of these trends came Wednesday as the U.S. State Department approved a $5.4 billion sale of 600 Lockheed-made PAC-3 missiles to Saudi Arabia, alongside an additional half billion dollars in ammunition for various smaller weapons. The deals still have to be approved by Congress, but such deals typically are.

“The proposed sale will modernize and replenish Saudi Arabia’s current Patriot missile stockpile, which is becoming obsolete and difficult to sustain due to age and limited availability of repair parts,” the Pentagon said in it’s written notification to Congress of the pending deal. “The purchase of the PAC-3 missiles will support current and future defense missions and promote stability within the region.”

The sale of so many PAC-3 missiles—the most advanced missile for the Patriot missile launcher and built by Raytheon…

View original post 835 more words

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s