Author: Jane Edwards|| Date Published: July 2, 2021
Raytheon Technologies (NYSE: RTX) will move to the engineering and manufacturing development phase for the Long Range Standoff weapon system under a potential $2 billion contract with the U.S. Air Force.
Raytheon’s missile and defense business will continue to mature production processes and demonstrate the manufacturing environment with a goal of achieving full production readiness at the end of the EMD phase, the Department of Defense said Thursday.
The Air Force Nuclear Weapons Center used research, development, test and evaluation funds for fiscal year 2021 to fund the sole-source contract and expects work to occur in Tucson, Arizona, through February 2027.
In April 2020, the Air Force selected Raytheon to serve as a sole-source contractor to continue development work on the LRSO program, which seeks to replace the service’s air-launched cruise missile.
Raytheon and Lockheed Martin (NYSE: LMT) secured contracts worth $900 million each to perform technology maturation and risk reduction work on the LRSO platform in 2017.
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