Wait, don't miss out on the latest GovCon industry news!

Sign Up Now! GovCon Wire provides you with Daily Updates and News Briefings

*By clicking "Join us now" you agree to receive email, promotions and general messages from GovCon Wire, In addition, you also agree to GovCon Wire Privacy Policy and Terms & Conditions.

X Remind me Later

Raytheon to Modernize US Navy, South Korea Close-In Weapon Systems Under $344M Contract

Raytheon Technologies (NYSE: RTX) has secured a potential $344.4 million sole-source contract to update MK-15 close-in weapon systems for the U.S. Navy and South Korea.

The company’s missiles and defense business will modernize the radar-guided gun systems and provide associate hardware to customers as part of the firm-fixed-price contract, the Department of Defense said Thursday.

Eighty-five percent of contract services will support the Navy and the remaining 15 percent will address a foreign military sales requirement.

The award has a $136.5 million initial value and would reach its potential value if all options are exercised.

Raytheon designed the Phalanx CIWS system to help navies counter close-in threats such as anti-ship missiles at sea and on land.

Video of the Day

GovCon Wire Logo

Sign Up Now! GovCon Wire provides you with Daily Updates and News Briefings about Contract Awards

Related Articles