Raytheon Gets $302M FMS Contract Modification for Saudi Arabia Joint Standoff Weapons

Raytheon‘s (NYSE:RTN) missile systems business has received a $302.4 million modification under a foreign military sales contract with the U.S. Navy to manufacture air-air-to-ground missile systems for Saudi Arabia.

The Defense Department said Tuesday the modification covers the procurement of 618 AGM-154 Block III C Joint Standoff Weapons along with containers, spares, support equipment and engineering assistance services.

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JSOW glide missiles are equipped with an integrated global positioning and inertial navigation system and a thermal imaging infrared seeker technology.

DoD noted the Navy is obligating $148.2 million in FMS funds at the time of modification award.

The company is scheduled to finish work under the modification in June 2022.

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