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Raytheon Awarded $156M for SM-3 Block IB Missiles

Raytheon logoRaytheon (NYSE: RTN) has been awarded a $156 million contract to produce Standard Missile-3 weapons for the Missile Defense Agency through September 2016.

MDA is allocating fiscal year 2014 defense-wide procurement funds for this award and the company will build the SM-3 Block IB weapons in Tucson, Ariz. and Huntsville, Ala., Raytheon said Monday.

The company has delivered more than 155 SM-3 missiles to the U.S. and Japan, with the Block IB variant intended for deployment either at sea or on land.

SM-3 missiles work to destroy incoming short-, medium-, and intermediate-range ballistic missile threats by colliding with them in space.

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