Lockheed, Raytheon and Boeing Submit Bids for Pentagon Air-to-Ground Missile Program

Lockheed Martin Corp. (NYSE: LMT) and the team of Raytheon Co. (NYSE: RTN) and Boeing Co. (NYSE: BA) have each confirmed plans to submit a bid for work on a Pentagon air-to-ground missile program.

The joint air-to-ground weapon is expected to to replace the Airborne TOW, Maverick and Hellfire missiles used by the U.S. Army, Navy and Marine Corps. The Defense Department is also expected to use it in fighter jets and attack and reconnaissance helicopters.

Raytheon and Boeing said they scored a 3-for-3 success rate in tests of their system, which includes semiactive laser and imaging infrared technology. Lockheed said its bid is built on previous guided-missile systems in use today, whose production lines are still in place. It says this will hold down costs.

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