Lockheed Martin ( LMT ) said Saudi Arabia is still looking at moving rapidly to buy its missile defense system despite the kingdom's interest in a Russian system.
[ibd-display-video id=2326967 width=50 float=left autostart=true] Riyadh "seems intent on moving quickly" with its Terminal High Altitude Area Defense (THAAD) order, Timothy Cahill, the VP of Integrated Air & Missile Defense told reporters at the annual Association of the United States Army conference Tuesday.
Late Friday, the State Department OK'd a possible $15 billion sale of 44 THAAD launchers and 360 missiles from Lockheed. Congress now has 30 days to approve the deal.
Cahill said he couldn't say how much of the $15 billion deal would go specifically to Lockheed but that it was "a very substantial sale" for the company.
After getting congressional approval, Saudi Arabia will then have to formally put in a contract for the system, but Cahill thinks that the deal will be done quickly.
There is a "sense of urgency on all parties."
Lockheed shares rose 0.1% to 317.71 on the stock market today , still in buy range from a 308.58 flat-base buy point.
http://www.nasdaq.com/article/lockheed-saudi-arabia-moving-quickly-with-thaad-order-despite-interest-in-russias-s-400-cm857828
