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  • Thursday, April 25, 2024

Raytheon Awarded $213M to Produce Navy Missile System

The U.S. Navy has awarded Raytheon (NYSE: RTN) two contracts totaling $212.8 million to produce the Evolved Seasparrow Missile, Raytheon announced Tuesday.

The company said the contract includes a $33 million option for additional work.

The first contract calls for Raytheon to produce ESSMs for the Navy’s NATO Seasparrow Project Office through fiscal year 2014. Raytheon said it will also provide the NSPO’s consortium-member navies spare parts, containers and test equipment.

The second contract, a two-year direct commercial sale, calls for Raytheon to provide Mitsubishi Electric Corporation components and assemblies needed for manufacturing and delivering ESSM weapons. Raytheon said the weapons will be used by the Japanese military.

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