Lockheed Martin and Avio Agree to Produce Solid Rocket Motors in the US
Lockheed Martin and Avio have signed an agreement to produce solid rocket motors at Avio's new facility in Virginia, targeting ER GMLRS and PrSM motors.
Lockheed Martin and Avio announced the signing of a strategic cooperation agreement to produce solid rocket motors, initially targeting ER GMLRS and PrSM motors at the new Avio USA facility in the town of Hurt, Virginia, according to the "Defense Industry Europe" platform.
The source mentioned that neither side disclosed the financial value of the agreement or the targeted production volume of motors.
The CEO of Avio stated that the company launched an investment exceeding $500 million in new capabilities to produce solid rocket motors within the United States.
On the trading front, Lockheed Martin shares rose 3.15% and Northrop Grumman shares rose 2.95% during the session, according to the same source.
What do these terms mean?
Solid Rocket Motor: An engine that relies on solid propellant that burns to generate thrust, characterized by rapid readiness and ease of storage.
"ER GMLRS": An extended-range version of a guided artillery rocket launched from artillery systems.
"PrSM": A long-range precision missile targeting objectives over long distances.
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