Raytheon Awarded $2B Contract Modification for SM-3 Block IB Missiles

Raytheon logoRaytheon (NYSE: RTN) has secured a potential six-year, $2.3 billion contract modification to produce Standard Missile-3 IB weapons for the Missile Defense Agency.

MDA increased its order for SM-3 Block IB missiles from 44 to 52 units under the sole-source modification, which also includes all-up-round and recertification support, the Defense Department said Friday.

SM-3 IB weapons work to neutralize adversaries’ short- and intermediate-range ballistic missiles through collision with targets in space.

The missiles also have a two-color infrared seeker platform and propulsion and steering systems that work to zero in on enemy targets.

Work will occur in Arizona and Alabama through Sept. 30, 2021.

MDA will obligate $173 million from fiscal 2015 DoD-wide procurement funds and $1.3 million from fiscal 2016 maintenance and operations funds at the time of award, according to DoD.

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