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Raytheon Gets $178M Modification on Navy Evolved Seasparrow Missile Production Contract

Raytheon logoThe U.S. Navy has awarded Raytheon (NYSE: RTN) a $177.9 million contract modification to fund the production of Evolved Seasparrow Missiles Block 1 for fiscal years 2016 and 2017.

Raytheon’s missile systems business will provide 186 all up rounds, inert operation missiles, spare components and shipping containers under the modification, the Defense Department said Friday.

DoD added the contract includes foreign military sales to Spain, Thailand and the United Arab Emirates.

The Naval Sea Systems Command obligated $125.2 million in FY 2016 weapons procurement, FMS and “other” procurement funds at the time of award.

Work will occur at various domestic and international locations through March 2020.

The Evolved Seasparrow missile is an updated version of the RIM-7 Seasparrow missile and designed to provide ships with air defense against aircraft, high and low velocity air threats and high divers.

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