Raytheon Gets $101M Modification on Army TOW Guided Missile Contract

Raytheon (NYSE: RTN) will provide additional tube-launched, optically-tracked wireless guided missile systems to the U.S. Army under a three-year, $101.3M contract modification.

The service branch used fiscal 2017 other procurement funds to cover the full obligated amount at the time of award, the Department of Defense said Friday.

Work under the modification will take place in Tucson, Ariz., through Aug. 31, 2022.

The company initially received a $300.1M fixed-price-incentive contract in 2017 to supply TOW missiles to the Army, U.S. Marine Corps and three foreign military sales clients.

Ground forces use the weapon system to defend against adversarial armored and wheeled platforms.

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