US Approves $535M Sale Of Missiles To Finland, Lockheed To Be Principal Contractor

The U.S. on Wednesday approved the potential sale of guided multiple-launch rocket systems and related equipment to Finland

What Happened: The Pentagon said the principal contractor would be Lockheed Martin Corp LMT for the deal valued at an estimated cost of $535 million approved by the U.S. State Department. 

See Also: US Concerned Iran May ‘Attack’ Saudi Arabia Soon: ‘We Will Not Hesitate To Act In Defense’

“Finland intends to use these defense articles and services to increase its national stock, bolstering the land and air defense capabilities in Europe’s northern flank,” it said.

“The increased national stock is critical to Finland's defense and deterrence due to the deteriorated security situation in Europe,” the statement said.

Meanwhile, on Wednesday, Finland’s president Sauli Niinisto said he was counting on Hungary to ratify Helsinki's NATO application after he spoke on the phone with Hungarian Prime Minister Viktor Orban.

“Good that Finland can count on Hungary in our NATO ratification. I look forward to further strengthening our Fenno-Ugric connection also as allies,” Niinisto said on Twitter.

Why It Matters: Russian President  Vladimir Putin — who has been demanding that the alliance stop expanding toward Russia’s borders — has threatened the Nordic nations with retaliation, including unspecified “military-technical measures,” if they move ahead with the plan to join NATO.

Check out more of Benzinga’s Europe and Asia coverage by following this link.

Market News and Data brought to you by Benzinga APIs
Posted In: NewsPoliticsGeneralEurasiaFinlandThe PentagonVladimir Putin
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!