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Lockheed Secures $8.4 Billion PrSM Ceiling Increase To Support Production Boost Framework

Matthew Beinart By
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Lockheed Secures $8.4 Billion PrSM Ceiling Increase To Support Production Boost Framework
A Precision Strike Missile (PrSM) is launched in support of the U.S. military's Operation Epic Fury strike campaign against Iran. Photo: Screenshot of U.S. Central Command video.

Lockheed Martin [LMT] has secured an $8.4 billion ceiling increase from the Army for its Precision Strike Missile (PrSM) contract, with the deal supporting a previously announced framework agreement to scale up production over the coming years. The new contract modification, awarded on June 23, officially extends the Army’s procurement timeframe for PrSM Inc. 1 missiles from five to eight years, through 2032, according to a Lockheed Martin spokesperson.  “This contract from the U.S. Army is a testament to the…

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