Raytheon Wins $79M to Develop Army Rocket Interceptor

Raytheon Co. (NYSE: RTN) has won a $79.2 million U.S. Army contract to develop a system to detect and destroy incoming rockets, the company announced Monday.

The Waltham, Mass.-based missile maker will develop the Accelerated Improved Intercept Initiative and demonstrate the system in 18 months.

The company will begin low rate initial production when it successfully completes the demonstration.

The company will test the intercept rockets it develops in flight with the AI3’s battle element and integrate mission systems for the system’s other elements.

The system will include a Raytheon-developed interceptor and a government furnished launcher, command and control system and fire control system.

The company recently won a $106 million Navy contract to produce a fire control system for the Aegis Ashore Missile Defense System.

Delivery of the system is expected to occur by September 2017.

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