Raytheon Receives $578M Navy Contract Modification for Standard Missile-2 Production Requirements

Raytheon Technologies (NYSE: RTX) has received a $578.3 million contract modification to help the U.S. Navy and foreign military sales customers address production requirements for the Standard Missile-2.

The Navy accounts for 6 percent, or approximately $36.7 million, of the procurement funds for SM-2 all up rounds, spare parts, engineering services and long lead materials, the Department of Defense said Tuesday.

Japan, Taiwan, South Korea, Germany, Chile, the Netherlands and Spain are the partner nations covered by the modification.

DOD noted the award includes an option that would bring the potential contract value to $586.8 million.

SM-2 missiles use radar seekers designed to track and strike enemy anti-ship missiles and aircraft closer to the sea’s surface, according to Raytheon.

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