Raytheon Gets $415M MDA Contract Modification for SM-3 Block IIA Materials

Raytheon (NYSE: RTN) has secured a $415.4 million contract modification from the Missile Defense Agency to obtain a limited subset of items needed to produce, test and deliver a total of 24 Standard Missile-3 Block IIA systems.

The award raises the contract’s potential value from $694.3 million to $1.10 billion and also funds the procurement of materials for up to four additional SM-3 missiles under the foreign military sales program, the Defense Department said Monday.

MDA will initially obligate $161 million in fiscal 2018 procurement and defense-wide funds on this modification.

The company’s missile systems business will perform work in Tucson, Arizona, through April 2022.

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