Under the agreement, the defense contractors will speed up the production of components of Terminal High Altitude Area Defense (THAAD) and Patriot Advanced Capability-3 Missile Segment Enhancement PAC-3 MSE.
The goal is to triple the production capacity of PAC-3 MSE interceptors and quadruple the production capacity of THAAD interceptors.
Additionally, it is also aimed to speed up production of "essential" sub-components like seeker housings, motor cases, midsections and shroud deployment systems, according to the Pentagon.
"Today's announcement represents an example of the evolution of how we partner with industry to expand the Arsenal of Freedom, outpace emerging threats and ensure the Warfighter never faces a fair fight," Under Secretary of Defense for Acquisition and Sustainment Michael P. Duffey said in a statement.
"General Dynamics and Lockheed Martin have answered the call," Duffey said. "We are cutting red tape, shortening timelines and rapidly scaling our domestic manufacturing capacity to deliver the advanced air and missile defense capabilities."
The agreements come as the depletion of U.S. missile interceptors has come to the forefront since the U.S. began its war against Iran in late February.
The U.S. military has used up between 190 and 290 THAADs during the Iran conflict and the U.S. is estimated to return to its pre-war stockpile of the interceptors in mid to late 2029, last week's estimate from the Center for Strategic and International Studies said.
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