Lockheed, Raytheon Get $650M in Contract Modifications to Extend AF Laser-Guided Bombs Production

Paveway IILockheed Martin (NYSE:LMT) and Raytheon (NYSE:RTN) have been awarded contract modifications worth a combined $649.7 million to continue to build Paveway II laser-guided bombs for the U.S. Air Force.

The modifications extend the work’s performance period for five years through July 27, 2023, the Defense Department said Monday.

DoD noted the Air Force Life Cycle Management Center will determine funding and work location with each individual task order.

Lockheed-built Paveway II employs a guidance system designed to convert conventional gravity bombs to precision guided munitions with a semi-active laser seeker and pneumatically controlled canards.

Raytheon’s Paveway laser-guided guided bombs are designed with global positioning and inertial navigation  systems.

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