Author: Mary-Louise Hoffman|| Date Published: August 3, 2016
The Missile Defense Agency has awarded Raytheon (NYSE: RTN) a $524 million contract option to produce, test and deliver up to 52 Standard Missile-3 Block IB weapon systems to MDA.
It represents the first of three option years under a potential $2.3 billion contract modification announced on Dec. 18 last year, the Defense Departmentsaid Tuesday.
MDA obligated $513 million in fiscal year 2016 DoD-wide procurement funds and $11 million in foreign military sales funds at the time of award of the option.
Raytheon’s missile systems business will perform contract work in Tucson, Arizona and in Huntsville, Alabama and is scheduled to finish by Sept. 30, 2021.
SM-3 defense weapons are designed to intercept short- to intermediate-range ballistic missile targets in space with an exoatmospheric “kill vehicle, ” according to Raytheon.
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The Missile Defense Agency has awarded Raytheon (NYSE: RTN) a $524 million contract option to produce, test and deliver up to 52 Standard Missile-3 Block IB weapon systems to MDA.
