Raytheon, Rafael to Co-Produce Missile Interceptors; Pini Yungman Comments

iron domeRaytheon Co. (NYSE: RTN) and Israeli state-owned company Rafael Advanced Defense Systems are planning to co-develop an air defense system that is already used in Israel for the U.S. Army and allied forces, Defense News reported Thursday.

Barbara Opall-Rome writes Rafael and Raytheon also want to jointly build Stunner interceptors, originally built for the US-Israel government-funded David’s Sling Weapon System, for the U.S. Army and partners.

Both companies have reached a new agreement, pending approval from Israel’s Defense Ministry and the U.S. Missile Defense Agency, for Raytheon to produce missile components for Israel’s Iron Dome interceptor and for Rafael to integrate those systems, according to the report.

The Defense Department allocates a conditional amount of $680 million in funds for that agreement, provided Israel agrees on the U.S. production of Tamir missile parts, and budget for the U.S. co-production of subsystems is estimated at 170 million, the report says.

Pini Yungman, director of Rafael’s missile defense systems directorate, told Defense News Raytheon intends to remodel the Stunner interceptor in order to complement Lockheed Martin (NYSE: LMT)-developed missiles.

David Sling’s Stunner is built to counter threats through impact, Defense News reports.

You may also be interested in...

Fluor

Fluor Subsidiary Gets $1.1B Modification on US Naval Nuclear Propulsion Support Contract

A subsidiary of Fluor (NYSE: FLR) will continue its support work on propulsion systems that power U.S. Navy submarines and aircraft carriers under a one-year, $1.12B contract modification. Fluor Marine Propulsion will continue services at the Naval Nuclear Laboratory through the government's 2021 fiscal year, the Department of Defense said Wednesday.

Mac Curtis Chairman and CEO Perspecta

Perspecta Announced as Military Bowl Presenting Sponsor; Mac Curtis Quoted

The Military Bowl Foundation has named Perspecta (NYSE: PRSP) as the presenting sponsor for the next three years of its college football post-season bowl game.