Raytheon (NYSE: RTN) has won a potential $231 million contract from the U.S. Navy to remanufacture and update weapon systems, as well as to build anti-ship missile defense systems.
The award contains $136.2 million in base funds from federal fiscal year 2013 and a $94.8 million option for fiscal 2014, Raytheon said Wednesday.
Rick Nelson, vice president of Raytheon’s naval and area mission defense product line, said the company builds the Phalanx Close-in Weapon System as a ship self-defense system for sailors, Marines and vessels.
SeaRAM Anti-ship Missile Defense Systems are designed to help warfighters engage multiple threats, Nelson added.
Raytheon will upgrade 19 Phalanx systems and build four SeaRAM systems under the base funds and could also work on 12 Phalanx and four SeaRAM systems if the Navy exercises all options.