Lockheed Martin announced on Monday its plans to produce a new, cheaper Patriot missile interceptor designed to reduce the cost-per-kill while increasing magazine depth for American and European defense.

The new PAC-3 ACE interceptor will be less than half the cost of the current PAC-3 MSE per unit, the company said in its announcement, though it did not specify exactly how much it expects each missile to cost. The new missile will be built on the existing PAC-3 fire control system and will be integrated with the Northrop Grumman Integrated Battle Command System.

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