The Defense Department has announced Raytheon (NYSE: RTN) Missile Systems Co. was awarded a cost-plus-award-fee modification in the amount of nearly $110.7 million to continue development of the firm’s Missile-3 Block IIA missiles for the Missile Defense Agency.
The total award value of this action is $110, 678, 886, resulting in a new cumulative contract value of $275, 967, 245. The modification extends the period of performance to continue engineering and development for Raytheon’s missiles.
The contract performance period runs through Sept. 30, 2011. Some $20 million in current fiscal year funding for research, development, testing and evaluation was provided at the time of the award, according to DoD.