Lockheed, BAE to Work Together

Lockheed Martin Corp., the biggest U.S. military contractor, and BAE Systems, Europe’s biggest defense company, agreed to work together to develop systems for defending against missile attacks.

Bethesda, Md.-based Lockheed and London-based BAE will study which of their capabilities are compatible and consider joint investments in technologies to improve current and future missile-defense programs, the companies said in a joint statement.

Lockheed shares rose 25 cents to $48.46 on the NYSE.

With the latest agreement, the firms will consider other opportunities to collaborate on missile defense in the U.S., as well as in other nations including Britain, they said.

The two companies initially will seek ways to cooperate on sea-based missile defense systems, which could be expanded later to other areas, David Bond, BAE’s missile defense director, said during a conference call.