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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.

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