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Raytheon Awarded $1.3B Full-Rate Production Contract for Navy ESSM Block 2 Missiles

Raytheon Technologies (NYSE: RTX) has been awarded a potential $1.28 billion contract by Naval Sea Systems Command to provide full-rate production services to the Evolved Seasparrow Missile Block 2 program, a collaboration between the U.S. and several other NATO member countries.

The firm-fixed-price contract has a $358 million initial value and covers ESSM Block 2 FRP requirements for fiscal year 2021 through fiscal 2023. the Department of Defense said Wednesday.

Australia, Belgium, Canada, Germany, Greece, Norway, Turkey, Portugal, the Netherlands and Denmark are among the NATO Seasparrow Consortium members procuring the ship defense system.

Contract work is initially scheduled to conclude in March 2025 and would extend until March 2027 if all options are exercised.

Raytheon began its low-rate initial production work on the missile system’s Block 2 configuration in 2019 under a $190.5 million contract.

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