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Navy Awards Raytheon $149M Contract to Build New Standard Missile-2 Configuration

Raytheon‘s (NYSE: RTN) missile systems business has received a potential four-year, $149.4M contract to engineer, manufacture and develop a Block IIIC configuration of the U.S. Navy‘s Standard Missile-2 system.

Work will occur in Arizona, Colorado, Ohio, New York and England through October 2022 under the cost-plus-incentive contract, the Department of Defense said Friday.

SM-2 is a fleet-area air defense weapon system designed to target anti-ship missiles and aircraft threats at an altitude of up to 65K feet from approximately 90 nautical miles.

The missile is a part of layered defense that works to safeguard naval assets from threats through its semi-active radar seeker technologies and solid rocket motor propulsion.

Naval Sea Systems Command will respectively obligate $50M and $234.6K in research, development, testing and evaluation funds for fiscal years 2018 and 2019 at the time of award, according to DoD.

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