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Raytheon Secures $235M in Navy Standard Missile-6 Production Funds

The U.S. Navy has awarded Raytheon (NYSE: RTN) a $235 million contract to fund the fourth year of full-rate production of Standard Missile-6 all-up rounds and spares.

Raytheon said Monday it is scheduled to begin delivery of new SM-6 multimission missiles to the Navy in 2018.

The company added the missiles will feature an anti-surface function and will be deployed on the service branch’s Aegis cruisers and destroyers.

SM-6 is designed to support anti-air warfare, sea-based terminal and anti-surface warfare missions.

Earlier this month, the Defense Department approved the sale of SM-6 to international customers that want to integrate the system into their shipbuilding programs.

Raytheon said it has supplied approximately 250 missiles to date.

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