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Air Force Exercises $105M Contract Option for Raytheon Griffin Missiles

Raytheon‘s (NYSE: RTN) missile systems business has received a $105.2 million contract modification to produce, test and engineer all variants of the Griffin missile for the U.S. Air Force.

The Defense Department said Wednesday the modification exercises an option under a previously awarded indefinite-delivery/indefinite quantity contract and brings the contract’s total cumulative value to $210 million.

Griffin is a precision-guided munition designed to engage targets with minimal collateral damage and integrate with ground, maritime and aerial platforms.

Worn under the exercised option will occur through Dec. 31, 2020, at a company facility in Arizona.

The Air Force will obligate $11.2 million at the time of award from its fiscal 2016 and fiscal 2018 procurement funds.

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