The Missile Defense Agency has awarded Raytheon Technologies’ (NYSE: RTX) missile and defense business a potential $722.4M contract to help engineer, manage and sustain Standard Missile-3 Block interceptors for domestic and international customers.
Raytheon will perform product support for SM-3 missile variants throughout an eight-year period that will run from 2021 through Oct. 29, 2029, the Department of Defense said Friday.
MDA will obligate $6.7M in fiscal 2021 research, development, test and evaluation funds at the time of award.
Work under the indefinite-delivery/indefinite-quantity award will take place in Tucson, Arizona, and Huntsville, Alabama.
In March, Raytheon secured a potential $2.14B contract to produce and maintain SM-3 Block 1B rounds for U.S. and foreign military sales customers throughout a seven-year period.
SM-3 works to defend against short- to intermediate-range ballistic missiles and has a “hit to kill” capacity of 600 mph. The interceptor is currently deployed for U.S. Navy missions.