Home / Contract Awards / Raytheon Secures $85M Navy Funds for Fiscal 2020 Guided Missile Production Requirements

Raytheon Secures $85M Navy Funds for Fiscal 2020 Guided Missile Production Requirements

Jeff Brody

The U.S. Navy has awarded Raytheon (NYSE: RTN) an $84.7M contract modification to help address fiscal year 2020 low-rate initial production requirements for the Block 2 Evolved Sea Sparrow Missile system.

Raytheon's missile systems business will use the funds to obtain the remaining materials needed to build lot 3 of ESSM guided missiles and spares, the Department of Defense said Tuesday.

DoD expects work to be completed in June 2023.

The company received in late 2018 a separate $191M modification covering FY 2019 ESSM LRIP requirements.

According to Raytheon, the Navy developed the system with nine member nations of the NATO SEASPARROW consortium to defend against anti-ship missile threats.

Check Also

Mitre Promotes Kim Warren to Public Sector Programs VP

Kim Warren, a 17-year veteran at Mitre, has been appointed vice president of public sector programs for the nonprofit corporation's Center for Programs and Technology.

Danny Deep Promoted to General Dynamics Land Systems President

Danny Deep, chief operating officer of General Dynamics' (NYSE: GD) land systems business, has been promoted to succeed Gary Whited as president of the same unit.