The U.S. Missile Defense Agency has awarded Raytheon Co. (NYSE: RTN) a $241 million contract modification to continue engineering design and development work on the Standard Missile-3 Block IIA.
Raytheon said in a release that the missile is a co-development effort between the U.S. and Japan and is part of the MDA’s sea-based Aegis ballistic missile defense system.
“The co-development of the SM-3 Block IIA with our Japanese allies continues to be an industry-leading example of global partnership, ” said Wes Kremer, vice president of Raytheon’s air and missile defense systems product line.
Kremer also said the missile is “on track” for a 2018 deployment.