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Lockheed Martin reaps profits amid heightened military demands

Friday, 16 February 2024 3:51 PM [ Last Update: Saturday, 17 February 2024 12:56 AM ]

The Lockheed Martin logo as seen at an exhibition hall in Le Bourget near Paris, France, on October 23, 2018. (File photo by Reuters)

US arms manufacturer Lockheed Martin has ramped up its production to reap more and more profits as demand increases.

The company -- which produces military aerospace, arms, defense, information security, and technology -- announced on Thursday that it aims to ramp up production of essential weapons systems to meet growing global demand for arms and munitions, including the production of its High Mobility Artillery Rocket Systems (HIMARS), Javelin, GMLRS & PAC-3 systems.

“Lockheed Martin remains committed to ramping production of high-demand systems, like HIMARS, Javelin, GMLRS, PAC-3 and more,” Lockheed Martin Chief Operating Officer Frank St. John said on its website. “In 2024, we are on track to double HIMARS production, have increased Javelin’s production to 2,400 units per year and will deliver more than 10,000 GMLRS."

US arms industry benefiting from war in Ukraine

The war in Ukraine continues unabated. Despite calls for dialog to solve the crisis and end the conflict, many western nations have rather fanned the flames of war by flooding Ukraine with arms.

“1LMX, our digital transformation initiative that integrates cutting-edge solutions, leveraging decades of historical data, analytics, and advanced AI to augment our workforce and increase productivity levels, has propelled our ramp-up progress,” St. John added.

“We are deploying automation, robotics, and factory simulations and investing in long-lead procurement to cut missile production time, increase capacity and maintain manufacturing excellence. Through digital transformation, Lockheed Martin is not just meeting significantly increased demand at this critical geopolitical point, but leading the defense industry into the future, ensuring we continue to deliver innovative, affordable 21st Century Security solutions to our customers.”

Production capacity has already seen a notable rise, with an increase from 48 units annually to 60 units, and projections suggest reaching an impressive capacity of 96 units by the conclusion of 2024. Furthermore, Lockheed increased production of the Javelin system, a highly versatile anti-tank missile system vital for ground operations.

Presently, production has escalated to 2,400 units per year, with plans underway to bolster this capacity to 3,960 Javelins annually by late 2026.

In addition to HIMARS and Javelin, Lockheed Martin aims to deliver over 10,000 Guided Multiple Launch Rocket Systems (GMLRS) this year alone.

Meantime, observers link the increased demand for weapons and munitions to the US-led proxy war in Ukraine against Russia, the months-long Israeli war in West Asia, and America's escalating tensions with China.

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