(Reuters) - Lockheed Martin (NYSE:LMT) said on Thursday that it was on track to raise production of its weapons systems to meet increased demand amid escalating security concerns.
The Russia-Ukraine war, the Middle East crisis and the specter of Chinese aggression are driving demand for weapons systems made by U.S. defense companies.
Lockheed said it was on track to double production of its High Mobility Artillery Rocket Systems (HIMARS). HIMARS production capacity has already increased from 48 per year to 60 per year and is on track to meet the 96 per year capacity by the end of 2024.
Production of Javelin, a shoulder-fired and platform-employed antitank missile system, increased to 2,400 per year. It expects to increase Javelin production capacity to 3,960 Javelins per year by late 2026
It will deliver more than 10,000 Guided Multiple Launch Rocket Systems (GMLRS) this year and aims to increase production capacity to 14,000 per year in 2025.
Additionally, Lockheed said it had advanced funds to increase air defense missile PAC-3 MSE annual production rates to 650 by 2027.