Raytheon to Update Kuwait’s Patriot System Fire Units Under $523M FMS Contract

Raytheon logoRaytheon (NYSE: RTN) has acquired a $523 million foreign military sales contract from the U.S. Army to modernize six Patriot air and missile defense fire units for Kuwait.

Services will be conducted in sites across Alabama, Massachusetts and California as well as in Norway, Italy, Greece, Canada and the U.K., the Defense Department said Thursday.

DoD added that the Army Contracting Command has obligated $256 million from its fiscal 2010 “other” procurement funds for the fixed-price-incentive contract.

Patriot is a Raytheon-made long-range, high-altitude combat missile defense system designed to counter threats such as tactical ballistic and cruise missiles, as well as drones and advanced aircraft.

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