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Report: US Contractors’ Cut of Israel’s ‘Iron Dome’ Spending to Increase From 3% to 55%

iron domeIsrael has agreed to share more than half of funds it will receive from the Pentagon next year with U.S. contractors to build Iron Dome anti-rocket shields, Bloomberg reported Wednesday.

Tony Capaccio writes that the U.S. Missile Defense Agency told Congress in a report obtained by Bloomberg that funds going to the U.S. industrial base for the co-production of Israel’s missile interceptor will increase to 30 percent in 2014 and 55 percent in 2015.

Raytheon (NYSE: RTN) has been working with Israel-based Iron Dome developer Rafael Advanced Defense Systems to find U.S. component suppliers for the weapon system.

Congress has approved $703 million in funding for the Israeli technology since 2011, according to Capaccio’s article.

Israel’s Iron Dome system works to intercept short-range rockets that fly as far as 44 miles.

U.S. and Israeli officials have said the weapon intercepted about 85 percent of rockets that were headed toward populated areas during the 2012 hostilities between Israel and the Islamic militant group Hamas, according to Bloomberg.

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