Lockheed Martin Corp. (NYSE: LMT) and Raytheon (NYSE: RTN) have formed a team to compete for a U.S. Navy electronic weapons contract, the companies announced Tuesday.
Through the Surface Electronic Warfare Improvement block 3 program, the Navy is looking to improve its AN/SLQ-32 electronic warfare systems so the systems can better counter anti-ship missiles and threats.
Lockheed won a $167 million contract from the Navy to develop block two of the SEWIP program.
Currently, all U.S. warships use some form of the AN/SLQ-32 system.
