Raytheon to Continue Air, Missile Defense Radar Production Under $327M Navy Contract Modification

The U.S. Navy has awarded Raytheon (NYSE: RTN) a $327.1 million modification to exercise options under a previously awarded contract for low-rate initial production of air and missile defense radars.

Raytheon will also provide non-recurring engineering support services for the first three air and missile defense radars under the modification, the Defense Department said Monday.

The Navy obligated the full amount of the exercised options from its fiscal 2016 and 2017 shipbuilding and conversion funds at the time of award.

Work will occur in Marlborough, Massachusetts, through October 2020.

Raytheon was awarded a $110.1 million modification in December to start low-rate initial production of S-band radars and radar suite controllers for the Navy’s Air and Missile Defense Radar program.

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