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Saudi Arabia Submits Request for $1B in Raytheon Missile Sales

Raytheon logoSaudi Arabia has asked to buy more than 15, 000 Raytheon-made (NYSE: RTN) missiles from the U.S. government under two foreign military sales transactions worth close to $1.1 billion combined.

The Defense Security Cooperation Agency notified Congress of the proposals Thursday in two separate notices, one detailing a $900 million deal for 13, 935 missiles and another potential $170 million sale covering 1, 764 missiles.

According to DSCA, the Saudi army and national guard are buying the tube-launched, optically-tracked wire-guided missiles to support defense and counterterrorism missions.

Raytheon says it builds the TOW missiles for more than 40 international armed forces and the weapons are used on more than 15, 000 ground, vehicle and helicopter platforms.

TOW missiles are also used by NATO, the United Nations and other peacekeeping forces for heavy assault and anti-armor functions.

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