Raytheon (NYSE: RTN) has received a potential five-year, $2.30 billion contract from the U.S. Army to provide system-of-systems engineering support for Phased Array Tracking Radar Intercept on Target weapons.The Defense Department said Tuesday Raytheon will support Patriot-related software and refresh systems deployed outside the continental U.S. and partner countries.
Patriot is a missile defense system composed of radars, interceptors and command-and-control tools that work to detect incoming threats such as adversarial missiles, aircraft and drones.
The Pentagon expects the company to finish contract work by Jan. 31, 2023.
The Army Contracting Command solicited and received one bid for the hybrid contract and will provide funds upon issuance of each order.
