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Raytheon SM-3 Development Contract Now $1.5B

U.S. Navy photo

Raytheon’s (NYSE RTN) contract for development and integration work for the U.S. Missile Defense Agency is now worth $1,508,363,453, the Defense Department announced Wednesday.

In separate releases, the company and the Pentagon said Raytheon won a new $925,000,138 award to continue work on the ship-based Standard Missile-3.

According to the Pentagon, the MDA increased the total contract value nearly 106 percent from $583,363,315 with a five-year performance period.

A separate contract for design and engineering work on SM-3 Block IIA is worth an estimated $809 million with work scheduled through 2015.

Raytheon will review designs and support test flights of the missile, a co-development effort between the U.S. and Japan that is scheduled for deployment in 2018.

This is the third variant of SM-3 and the company has delivered more than 130 SM-3 variants to the U.S. and Japanese navies, recording 21 intercepts.

U.S. and Japanese navies use SM-3 Block IA to defend against incoming short- to intermediate-range ballistic missiles, the company said.

The company is designing Block IIA to have a 21-inch second and third stage rocket motor.

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