China Says It Will Punish Lockheed Martin for Selling Missile Parts to Taiwan
The U.S. State Department last week approved a deal to sell Taiwan $620 million worth of replacement parts and services to recertify its armory of Patriot Advanced Capability-3 missiles. Lockheed Martin (NYSE: LMT), America's largest defense contractor, was named the prime contractor on the deal, and the U.S. Defense Security Cooperation Agency (the Pentagon arm responsible for coordinating foreign arms sales) promptly notified Congress.
China is not pleased, and says it's taking out its displeasure on Lockheed Martin.
A Patriot missile battery. Image source: Getty Images.
Source Fool.com