Raytheon (NYSE: RTN) has received approval from the Defense Acquisition Board to enter full-rate production of the company’s Standard Missile-6 for the U.S. Navy.
Raytheon also assembles Standard Missile-3 at its $75 million, 70, 000 square-foot building in Huntsville.
“The first delivery of low-rate initial production rounds to the U.S. Navy was in February 2011, which was six months ahead of contract, ” said Mike Campisi, Raytheon senior director of SM-1, SM-2 and SM-6 programs.
In May, the Defense Department announced an estimated $313.8 million contract award to Raytheon for low-rate initial production of SM-6 Block I all-up rounds.
“The first full-rate production Standard Missile-6 is on track for an April 2015 delivery, which is three months ahead of contract, ” Campisi added.