Raytheon Gets $482M Contract to Update Close-in Weapon Systems for US, Foreign Clients

Raytheon (NYSE: RTN) has received a potential six-year, $482.3M contract to update MK 15 Close-in Weapon Systems for the U.S. Navy and the U.S. Army as well as the governments of Taiwan, Saudi Arabia, Japan, New Zealand and Australia.

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The company will also overhaul systems and provide hardware for the CIWS platform used to defend against anti-ship missile threats, the Defense Department said Thursday.

The Army will obligate $415.7M at the time of award, with $66.6M of the obligated funds slated to expire by the end of the current fiscal year.

DoD noted the contract, which includes a no-cost option, was awarded on a sole-source basis and work will occur at various locations across the U.S. through April 2024.

CIWS is designed to automatically detect, analyze, track and engage ASM and high-speed aircraft threats. The Navy and 24 U.S. allies use the system on surface combatant ships.

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