Author: Jamie Bennet|| Date Published: September 13, 2023
RTX (NYSE: RTX) and Lockheed Martin (NYSE: LMT) won other transaction authority agreements with a combined value of more than $730 million to perform necessary upgrades and replacement of FIM-92 Stinger missiles for the U.S. Army.
RTX is expected to complete the OTA by March 2028, while Lockheed has until June 2028 to fulfill the agreement, the Department of Defense said Tuesday.
The two companies were chosen in March to develop a prototype that would replace the Stinger missile in the future as part of the Maneuver Short Range Air Defense Inc. 3 program.
In the new OTA, the service branch awarded RTX $418.3 million and Lockheed $312 million.
Each defense contractor was obligated $26 million from the Army’s fiscal 2023 research, development, test and evaluation funds. RTX will carry out its tasks in Tucson, Arizona, while Lockheed will use its site in Grand Prairie, Texas to meet the project’s requirements.
The contracting activity is the Army Contracting Command in Redstone Arsenal, Alabama.
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