Cyber Monday Deal: Up to 60% off InvestingProCLAIM SALE

US State Dept OKs potential $5 billion sale of Patriot missiles to Germany

Published 08/15/2024, 03:58 PM
Updated 08/15/2024, 04:00 PM
© Reuters. Patriot missile defence system is seen at Sliac Airport, in Sliac, near Zvolen, Slovakia, May 6, 2022. REUTERS/Radovan Stoklasa/File Photo
LMT
-

WASHINGTON (Reuters) - The U.S. State Department has approved the possible sale of up to 600 Patriot air defense missiles to NATO ally Germany for an estimated cost of $5 billion, the Pentagon said on Thursday.

"The proposed sale will improve Germany’s capability to meet current and future threats and increase the defensive capabilities of its military," the Pentagon's Defense Security Cooperation Agency said in a statement.

Under new NATO defense plans, Germany will need to quadruple its air defenses to protect infrastructure and military forces in the event of severe tensions or a war, one security source told Reuters last month.

Germany had 36 Patriot air defense units, which launch missiles, when it was NATO's frontline state during the Cold War. Today, German forces are down to nine Patriot units, after donating three to Ukraine since the Russian invasion in 2022.

© Reuters. Patriot missile defence system is seen at Sliac Airport, in Sliac, near Zvolen, Slovakia, May 6, 2022. REUTERS/Radovan Stoklasa/File Photo

The prime contractor for the possible sale, which includes related equipment and technical assistance, will be Lockheed Martin (NYSE:LMT), the Pentagon agency said.

The agency notified Congress of the possible sale on Thursday.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.