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Raytheon Awarded $160M for Navy Close-in Weapon Systems; Rick Nelson Comments

phalanxRaytheon (NYSE: RTN) has been awarded a $159.9 million contract to produce Phalanx close-in weapon systems for the U.S. Navy.

The company will also build support equipment for the Phalanx and SeaRAM weapon systems, updated Block 1B radar and maintenance kits, Raytheon said Friday.

“Phalanx provides the U.S. Navy’s ships with a ‘last-chance’ defense against anti-ship missiles and littoral warfare threats while SeaRAM extends that inner-layer battlespace, ” said Rick Nelson, vice president of Raytheon’s naval and area mission defense product line.

The contract is booked in the third quarter of 2015 and is scheduled for completion in August 2018.

Raytheon will also work to update four land-based Phalanx weapon systems.

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