Raytheon Secures $130M Navy Contract Modification for Rolling Airframe Missile Rounds, Spare Components

Raytheon Technologies (NYSE: RTX) has received a three-year, $130 million contract modification from the U.S. Navy to provide updated Rolling Airframe Missile rounds to the service branch and three foreign military sales customers.

This award covers fiscal 2021 RAM Block 2 and 2A guided missiles, spare replacement parts and recertification services, the Department of Defense said Tuesday.

Thirty-percent of contract purchases are from Japan, Turkey and United Arab Emirates.

The RAM Block 2 variant is powered by a larger rocket motor than the predecessor model and a modernized control section and radio frequency receiver technology, according to Raytheon.