The State Department has approved a $500M foreign military sale of Standard Missile-2 Block IIIC systems to be built by Raytheon Technologies (NYSE: RTX) for installation on Canadian government's planned fleet of 15 surface combatant ships.
Canada asked to procure 100 SM-2 missiles and 100 vertical launchers along with canister support equipment, associated spares and training aids, the Defense Security Cooperation Agency said Thursday.
The proposed sale also includes obsolescence engineering, technical documentation and program and logistics support services.
SM-2 missiles are designed to protect naval vessels from anti-ship missiles and enemy aircraft. The system's more recent variants employ radar seekers that feature solid rocket propulsion, tail controls and guidance modes for continuous wave and interrupted continuous wave performance.