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Raytheon Wins $241M for Missile Engineering Design, Development

The U.S. Missile Defense Agency has awarded Raytheon Co. (NYSE: RTN) a $241 million contract modification to continue engineering design and development work on the Standard Missile-3 Block IIA.

Raytheon said in a release that the missile is a co-development effort between the U.S. and Japan and is part of the MDA’s sea-based Aegis ballistic missile defense system.

“The co-development of the SM-3 Block IIA with our Japanese allies continues to be an industry-leading example of global partnership, ” said Wes Kremer, vice president of Raytheon’s air and missile defense systems product line.

Kremer also said the missile is “on track” for a 2018 deployment.

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