Lockheed Martin to invest $1 billion in manufacturing in Saudi Arabia

Lockheed Martin (LMT -0.4%) plans to invest more than $1B to localize military manufacturing in Saudi Arabia, the company's VP of international business says.

Lockheed will seek many investment opportunities in Saudi Arabia with local companies and government entities to base some of its industry in the kingdom, executive Ray Piselli said while declining to provide details.

In addition to collaboration on building parts, Lockheed wants to include the kingdom in global supply chains and create an export market, according to Piselli.

On Monday, Saudi military industry regulator GAMI said it was working with Lockheed to make parts for its THAAD missile defense system.

Defense company stocks including Lockheed, which traded Monday at a fresh 52-week high, have been running higher since Russia invaded Ukraine on February 24.