Lockheed Martin (NYSE: LMT) and Raytheon Technologies' (NYSE: RTX) Javelin joint venture will continue to supply man-portable, anti-tank guided munition systems to the U.S. Army under a $121.8M contract modification.
The service branch used fiscal 2019 and 2020 missile procurement funds to cover the full obligated amount, the Department of Defense said Tuesday.
According to Raytheon Technologies, a gunner can carry and launch the anti-armor Javelin weapon. The system is equipped with a sight technology and designed to target bunkers, armored vehicles and caves.
The JV initially received a $185.6M full rate production contract in September 2019 to manufacture the missiles for the Army, Navy and Marine Corps.
Work under the modification will occur in Tucson, Ariz., through Aug. 31, 2023.