Raytheon (NYSE: RTN) has been awarded a $350 million contract to increase production of missiles for the Missile Defense Agency.
MDA raised its Standard Missile-3 Block IB missiles order from eight to 44 units, Raytheon said Thursday.
The company will develop the missiles at its Tucson, Ariz.- and Huntsville, Ala.-based facilities through September 2016.
SM-3 weapons work to destroy ballistic missile targets through collision.