MDA Increases Raytheon SM-3 Order by $350M

Raytheon logoRaytheon (NYSE: RTN) has been awarded a $350 million contract to increase production of missiles for the Missile Defense Agency.

MDA raised its Standard Missile-3 Block IB missiles order from eight to 44 units, Raytheon said Thursday.

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The company will develop the missiles at its Tucson, Ariz.- and Huntsville, Ala.-based facilities through September 2016.

SM-3 weapons work to destroy ballistic missile targets through collision.

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