Raytheon Inks $58 Million Missile Deal

Raytheon (NYSE: RTN) secured a $58.3 million contract to cover funding for for Patriot Guidance Enhanced Missile-Tactical, or GEM-T, missiles.

According to the firm, “the U.S. Army Aviation and Missile Command, Redstone Arsenal, Ala., issued the contract to upgrade 131 Patriot Advanced Capability-2 missiles to the GEM-T configuration. This is a follow-on contract as part of AMCOM’s Patriot missile continuous technology refreshment program initiated in 2000.”

“These continuing upgrades speak to the critical role Patriot plays in our 12 partner nations’ air and missile defense capabilities, ” said Sanjay Kapoor, vice president for Patriot Programs at Raytheon Integrated Defense Systems (IDS). “This cost-effective alternative makes it possible for them to increase their air and missile defense capabilities, using existing Patriot systems.”

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