Raytheon (NYSE: RTN) has received a potential $349M cost-plus-incentive-fee contract to continue modernizing the Tomahawk cruise missile system as part of the U.S. Navy’s rapid deployment capability efforts.
The company will begin phase 2 of the Maritime Strike Tomahawk program after completing design, integration, test and evaluation efforts under the program’s first phase, the Department of Defense said Wednesday.
Naval Air Systems Command will obligate $44.6M at the time of award from the service branch’s fiscal 2019 research, development, test and evaluation funds.
DoD expects contract work to be finished by February 2023.
Tomahawk is equipped with a GPS technology and designed to be launched from ships or submarines. Raytheon and the Navy are working on updating the missile to include modern communications systems and other features intended to help the service branch strike moving targets at sea.