Lockheed Martin (NYSE:LMT), on Monday, introduced a more affordable Patriot interceptor, the PAC-3 Adapted Capability Effector (ACE) missile, amid growing demand for cost-effective air defense solutions.
The new missile from Lockheed Martin is projected to cost less than half of its PAC-3 MSE interceptors, which are currently priced around $4 million per missile, based on U.S.
Army budget documents.
The defense giant anticipates that the initial production of the new missile could commence within the next 36 months, reported Reuters.
Lockheed Martin plans to collaborate with U.S. and European industry partners for the development and manufacturing of the new weapon.
