According to the Department of Defense, “Raytheon (NYSE: RTN) is being awarded a cost-plus-award-fee modification under contract HQ0276-10-C-0005, P00011. The total award value of this action is $110, 678, 886, resulting in a new cumulative contract value of $275, 967, 245. The modification will extend CLIN 0001 period of performance to continue engineering and development for Standard Missile-3 Block IIA missiles. The work will be performed in Tucson, Ariz. The period of performance is May 1, 2011 through Sept. 30, 2011. Fiscal 2011 research, development, test and evaluation funds will be used for this effort with $20, 000, 000 provided at time of award. The Missile Defense Agency is the contracting activity.”
BAE Systems plans to develop a $139M classified facility in Cedar Rapids, Iowa, and create 650 jobs in the city, The Gazette reported Friday. Construction work on the proposed 200K-square-foot defense aerospace facility is expected to kick off by October and conclude by September 2022. Ryan Companies US will serve as the project’s developer.
The State Department has approved India’s request to buy AGM-84L Harpoon Block II air-launched missiles, MK 54 lightweight torpedoes and related equipment under two foreign military sales agreements worth $155M combined.
United Technologies Corp. (NYSE: UTX) and Raytheon (NYSE: RTN) have set the closure date of their all-stock merger for Friday, April 3, after securing all the regulatory clearances needed to close the transaction. According to a joint statement, the combined company will operate as Raytheon Technologies and trade under the “RTX” ticker symbol on the New York Stock Exchange.