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Raytheon Secures $110M Contract Modification to Update Navy Close-In Weapon System

Jeff Brody

Raytheon (NYSE: RTN) has received a $109.6M contract modification to modernize a radar-guided gun weapon system built to help the U.S. Navy defend against anti-ship missile littoral warfare and aircraft threats.

The company's missile systems unit will update the MK 15 Close-In Weapon System for the service branch and provide associated hardware, the Department of Defense said Wednesday.

The Navy will obligate the full value of the modification, with $61.4M of the total obligated funds expiring at the end of the current fiscal year.

Raytheon secured a $367.2M contract in August last year in 2019 to provide CIWS modernization services to domestic and foreign military sales customers.

Work is slated to run through October 2023.

The Phalanx system is equipped with search, detection, tracking, kill assessment and threat evaluation features.

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