By Joe Brock
FARNBOROUGH, England, July 20 (Reuters) - Lockheed Martin announced a lower-cost Patriot interceptor on Monday as militaries seek cheaper ways to counter drones and missiles, while defense contractors face competition from startups making low-cost weapons that can be produced at scale.
Lockheed said its new PAC-3 Adapted Capability Effector, or ACE, missile would cost less than half as much as its PAC-3 MSE interceptors, which cost roughly $4 million per missile, according to U.S. Army budget documents.
Initial production could start within 36 months, the company said, adding that it plans to develop and manufacture the weapon with U.S. and European industry partners.
"American and allied warfighters need a solution that is battle-tested and budget-smart," Tim Cahill, president of Lockheed Martin Missiles and Fire Control, said in a statement at Britain's Farnborough Airshow.
FARNBOROUGH, England, July 20 (Reuters) - Lockheed Martin announced a lower-cost Patriot interceptor on Monday as militaries seek cheaper ways to counter drones and missiles, while defense contractors face competition from startups making low-cost weapons that can be produced at scale.
Lockheed said its new PAC-3 Adapted Capability Effector, or ACE, missile would cost less than half as much as its PAC-3 MSE interceptors, which cost roughly $4 million per missile, according to U.S. Army budget documents.
Initial production could start within 36 months, the company said, adding that it plans to develop and manufacture the weapon with U.S. and European industry partners.
"American and allied warfighters need a solution that is battle-tested and budget-smart," Tim Cahill, president of Lockheed Martin Missiles and Fire Control, said in a statement at Britain's Farnborough Airshow.
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