Terminal High Altitude Area Defense (THAAD)

Lockheed Martin has won a $1.47 billion mega contract to build the Terminal High Altitude Area Defense (THAAD) missile defense system for Saudi Arabia.

The new contract for interceptor support items brings the total value of the deal till date to $ 5.4 billion, the US Department of Defense said in a statement Friday.

The country signed a letter of offer and acceptance with the US for the procurement of 44 THAAD missile systems for an approximate $15 billion in November 2018.

The company was awarded a $2.4 billion contract for THAAD interceptor missiles in April of this year, some of which are slated to be delivered to Riyadh.