Raytheon Secures Potential $466M Navy Contract for Standard Missile Engineering, Technical Services

Raytheon‘s (NYSE: RTN) missile systems business has secured a potential $466.1 million from the U.S. Navy to engineer and provide technical support for Standard Missiles 2, 3 and 6.

The Defense Department said Monday the contract covers research and development, design, systems and production engineering, evaluation, component development and production proofing services for the Navy, government agencies and foreign military sales customers.

DoD added the services will support missile producibility, production and shipboard integration from fiscal 2017 to fiscal 2021.

The contract has an initial value of $113.2 million and will reach its full value if all options are exercised, according to the department.

The Naval Sea Systems Command obligated $2.6 million at the time of award from the Navy’s fiscal 2017 research, development, test and evaluation funds along with weapons procurement funds.

Work will occur in Alabama, Arizona, Arkansas and Florida through April 2022.

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