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According to CEO, Lockheed wants to double production of Javelin anti-tank missiles

Lockheed Martin Corp. intends to roughly double its production of Javelin anti-tank missiles, a key weapon in Ukraine’s defense against Russian invasion, Chief Executive James Taiclet said on Sunday.

In an interview Sunday morning on CBS News’ “Face the Nation.” Taiclet said the defense company was already preparing to ramp up production.

“Right now our capacity is 2,100 Javelin missiles per year,” he told host Margaret Brennan. according to the transcript. “We’re aiming to get that to 4,000 a year and that’s going to take a few months, maybe even a couple of years, to get there because we need to get our supply chain to ramp up as well.” We believe that we can almost double the capacity in a reasonable amount of time.”

Lockheed LMT,
+1.42%
manufactures the Javelin in partnership with Raytheon Technologies Corp. RTX ago,
-1.06%.

The Javelin has proven crucial for the Ukrainian military to negate Russia’s advantage in tanks and armored vehicles. Last week, President Joe Biden visited a Lockheed factory in Alabama that makes spears, and Biden on Thursday asked Congress to approve $33 billion in additional military and humanitarian aid to Ukraine.

Taiclet said the production ramp-up will begin ahead of anticipated orders for javelins and other weapon systems.

“We’re planning for the long term,” he said. “We know there will be increased demand for such systems from the US and for our allies and beyond to Asia Pacific, most likely too.”

Taiclet also said that Lockheed is working with Intel Corp. INTC cooperates,
-0.67%
to manufacture advanced microprocessors that can be used in national defense systems, and said it would be “extremely helpful” if Congress passed the bipartisan Innovation Act, a $52 billion plan to boost domestic chip production.

“Our production line can run today, but in the future we will need more domestic capacity and microprocessors, not only design but also manufacturing, testing, etc. so that we can ensure the supply of these microprocessors in the future,” he said.

Lockheed shares are up 26% year to date compared to the S&P 500’s SPX,
-0.57%
13% decrease this year.

https://www.marketwatch.com/story/lockheed-aims-to-double-production-of-javelin-anti-tank-missiles-ceo-says-11652056889?rss=1&siteid=rss According to CEO, Lockheed wants to double production of Javelin anti-tank missiles

Brian Lowry

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