Author: Matthew Nelson|| Date Published: March 12, 2020
Raytheon (NYSE: RTN) has received a $109.6M contract modification to modernize a radar-guided gun weapon system built to help the U.S. Navy defend against anti-ship missile littoral warfare and aircraft threats.
The company's missile systems unit will update the MK 15 Close-In Weapon System for the service branch and provide associated hardware, the Department of Defense said Wednesday.
The Navy will obligate the full value of the modification, with $61.4M of the total obligated funds expiring at the end of the current fiscal year.
Raytheon secured a $367.2M contract in August last year in 2019 to provide CIWS modernization services to domestic and foreign military sales customers.
Work is slated to run through October 2023.
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