Raytheon Secures $98M Additional Navy Funds for ESSM Block 2 Interceptor Production Materials

Raytheon‘s (NYSE: RTN) missile systems business has received a four-year, $97.8M contract modification from the U.S. Navy to obtain long-lead materials needed to produce updated air defense interceptors.

The service awarded the modification to address Evolved Sea Sparrow Missile Block 2 low-rate initial production requirements for fiscal 2019, the Department of Defense said Monday.

The company will initially receive $20.9M in Navy funds and perform work through March 2023 at various locations in the U.S., Canada, Germany, Australia, Greece, Denmark, Turkey, Portugal, Spain and the Netherlands.

In late 2018, Raytheon was awarded two contracts worth $56.9M combined to acquire production materials for the ESSM program.

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