Raytheon Moving Forward on Navy Missile Deal

Raytheon Company (NYSE: RTN) claimed several Navy contracts worth $368 million with potential modifications for low rate initial production to build the Standard Missile-6 systems over a three-year period.

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According to the firm, “the contracts include the production of missiles, spare parts, and system and design engineering efforts. Raytheon will deliver the first missiles in early 2011.”

“Low-rate initial production begins our process of delivering this integral weapon system to the warfighter, ” said Frank Wyatt, vice president of Raytheon’s Air and Missile Defense Systems product line. “Standard Missile-6 remains on schedule, and we brought in the first three years of production well under the Navy’s budget.”

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