U S approves final year funding for Lockheed Martin missile system

Economic Times
April 10, 2013

Defense Secretary Chuck Hagel has told his German and Italian counterparts the Pentagon plans to spend about $310 million to help fund the final year of development of Lockheed Martin’s MEADS missile defense system, a spokeswoman said on Tuesday. …

The funding is subject to a 10 per cent cut because, under a US law aimed at curbing the government’s deficit spending, the Pentagon will actually provide about $310 billion for the final year of development, officials said.

It also is not guaranteed. The US Senate on Tuesday began the process of bringing a bill to the floor that would withdraw funding for the MEADS system.

Lockheed plans to keep working with Italy and Germany on the three-nation missile defense program even after the United States stops participating.

Lockheed says MEADS is significantly cheaper to operate than the Patriot system built by its rival Raytheon Co, and would provide significantly larger coverage areas.

Read in full: http://articles.economictimes.indiatimes.com/2013-04-10/news/38434328_1_medium-extended-air-missile-defense-system-meads