PAC-3 ACE low-cost interceptor. Photo: Lockheed Martin

Lockheed Martin [LMT] on Monday announced its new PAC-3 Adapted Capability Effector (PAC-3 ACE), which it said is “less than half the cost” of the current PAC-3 MSE interceptor per unit. The new PAC-3 MSE is designed to defeat “airbreathing threats, cruise missiles, close-range and short-range ballistic missiles,” according to the company. “PAC-3 ACE will give allied forces a rapidly fielded, complementary air defense effector option that can be deployed in record time. To achieve this, Lockheed Martin will collaborate…