A joint venture of Raytheon (NYSE: RTN) and Lockheed Martin (NYSE: LMT) has won a $176 million contract to produce missile systems for U.S. and foreign military customers.
The Javelin Joint Venture will build 842 Block I missile rounds and 120 command launch units for the U.S. Army, U.S. Marine Corps, Oman, Jordan and Indonesia, Raytheon said Monday.
Jeff Miller, Raytheon Javelin program director and Javelin Joint Venture president, said the joint venture works to develop guided missile and surveillance weapons for the U.S. and allied forces.
“This contract is important to the Javelin program because the CLU retrofit business keeps our production line warm through mid-2015, ” Miller adds.
The joint venture booked the contract in September and will begin transporting the launch units to the U.S. Army in October 2014.
The Javelin missile system works to engage and destroy targets within a nearly 1.5-mile range.
