Author: Naomi Cooper|| Date Published: July 13, 2023
RTX (NYSE: RTX) has secured a potential $282.6 million contract to modernize the Rolling Airframe Missile, a ship self-defense capability, for the U.S. Navy and three foreign military customers.
The contract has an initial value of $28.2 million and will reach its total cumulative value if all options are exercised.
Seventy-four percent of RAM purchases come from the Navy and the remaining 26 percent combine orders from Qatar, Japan and Egypt. Work will occur in Tucson, Arizona, through September 2025.
The Navy will obligate $16.3 million on the award and the FMS customers will allocate $5.6 million in initial funds.
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