Raytheon Wins $314M For SM-6 Missile Production

Raytheon Co.‘s (NYSE: RTN) missile systems unit has won a $313, 843, 757 sole-source contract to manufacture missiles for the U.S. Navy, the Defense Department announced Thursday.

The firm-fixed-price, fixed-price incentive contract is for low-rate initial production of fiscal 2012 Standard Missile-6 Block I all-up rounds.

In addition, the company will manufacture SM-6 Block I special tooling and test equipment, containers and spare parts.

At the time of award, Raytheon will receive an initial $63, 436, 062 in contract funds.

A majority of the work will occur in Tucson, Ariz and the Pentagon expects work to finish by March 2015.

The Naval Sea Systems Command in Washington is the contracting activity.

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