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Sweden Plans $1B Raytheon Missile Defense System Procurement

Sweden plans to begin formal negotiations with the U.S. government to procure a Raytheon-built (NYSE: RTN) missile defense system for an estimated $1.2 billion, Reuters reported Wednesday.

The Swedish defense materiel administration on Tuesday received government approval to send a letter of request on the Patriot weapon procurement to the U.S.

Patriot consists of radars, command-and-control technology and multiple interceptors designed to help armed forces detect and engage various threats such as tactical ballistic and cruise missiles as well as manned and unmanned aerial vehicles.

Sweden’s government said it aims to issue a formal tender to buy the system in spring 2018 and make a final decision before the end of next year.

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