The U.S. Navy has awardedÂ RaytheonÂ (NYSE: RTN)Â 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 businessÂ 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 separateÂ $191M modificationÂ coveringÂ FY 2019 ESSMÂ 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.