Lockheed Martin wins $58.6B contract to produce Patriot interceptors

The Army has awarded Lockheed Martin a seven-year contract worth up to $58.6 billion to churn out Patriot interceptor missiles in an effort to replenish quickly diminishing U.S. munitions stockpiles.

The deal, announced Wednesday, converts a previous one-year contract worth $4.7 ​billion awarded to Lockheed in April.

The alteration means the U.S. military can receive...