The agreement also includes an option to negotiate a multi-year contract for up to seven years, if Congress votes to approve that measure.
FORT WORTH, Texas — Read this story and more North Texas business news from our content partners at the Dallas Business Journal.
Defense contractor Lockheed Martin Corp. will quadruple its production of precision strike missiles to support a new agreement with the U.S. Department of Defense amid the continuing war with Iran.
Lockheed, which has a major campus for its Missiles and Fire Control division in the suburb of Grand Prairie, announced March 25 the framework agreement with the department, which has been rebranded as the Department of War.
This builds on a $4.94 billion contract the government awarded the company in 2025 to increase production of precision strike missiles to meet growing demand. It has a huge Tarrant County presence, assemling F-35 jets in Fort Worth, while the Grand Prairie facility works on missile defense systems, precision-strike weapons and fire control technology.
These missiles are envisioned as the replacement of the Army Tactical Missile System and received production and deployment phase approval from the U.S. Army in July 2025.