Raytheon Technologies Gets $88M Modification on Navy Torpedo Component Production Contract

Raytheon Technologies (NYSE: RTX) has secured an $88M U.S. Navy contract modification to manufacture common part kits and spare components for MK54 lightweight torpedoes designed to track and attack underwater targets.

The modification includes foreign military sales to Australia, Canada, Denmark, Spain and South Korea, the Department of Defense said Wednesday.

The Navy will obligate the full value of the award from weapons procurement and FMS funds, with $217,394 of the obligated amount expiring at the end of the current fiscal year.

Ninety-five percent of work will take place in Rhode Island and the remaining 5 percent in Keyport, Wash.

DoD expects the company to complete services by May 2023.

The MK 54 torpedo employs processing algorithms to analyze data and remove false targets before the system pursues identified targets.

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