Raytheon Lands Potential $530M Contract to Produce RAM Block 2 Missiles for Navy, FMS Clients

Raytheon‘s (NYSE: RTN) missile systems business has received a potential $529.7 million contract to provide updated Rolling Airframe Missiles to the U.S. Navy and three foreign military sales customers.

The company will supply RAM Block 2 guided missile round pack, ordnance alterations and spares under the firm-fixed-price contract, the Defense Department said Thursday.

RAM is designed to counter anti-ship missiles and the system’s latest variant is equipped with rocket motor, control section and radio frequency receiver technologies.

The Navy will obligate $242 million at the time of award to cover fiscal 2018 purchases from the service branch and Qatar. DoD noted the contract also includes purchases from Egypt and Turkey.

Work will take place at locations in Germany, Arizona, Virginia, Texas, Ohio, Scotland, Massachusetts and other U.S. locations through September 2023.

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