SEOUL (Reuters) - South Korea will sign a deal to upgrade its Patriot missile system by the end of this year, the defence procurement agency said on Wednesday, with the contract valued at around 1.5 trillion won ($1.41 billion).
The upgrade, which is set to benefit U.S. defence firms Raytheon Co and Lockheed Martin Corp, is part of South Korea's plan to increase its anti-ballistic capabilities against unpredictable North Korea, which has carried out two long-range missile tests and a nuclear weapons test in the past two years.
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