Raytheon secures $3.5 billion contract for air-to-air missiles

Investing.com -- Raytheon (NYSE: RTX), a division of Raytheon Technologies Corp., has been awarded a $3.5 billion contract for the production of Advanced Medium Range Air-to-Air Missiles (AMRAAM).

The firm-fixed-price incentive contract covers AMRAAM Production Lots 39 and 40, including missiles, telemetry systems, spares, and production engineering support activities.

The contract involves Foreign Military Sales to 19 countries, including Denmark, Belgium, Japan, Netherlands, Canada, Finland, Germany, Hungary, Spain, Poland, Sweden, Taiwan, Lithuania, the United Kingdom, Australia, Switzerland, Ukraine, Israel, and Kuwait.

Work will be performed in Tucson, Arizona, with completion expected by the third quarter of fiscal 2031. The contract was awarded as a sole source acquisition.

At the time of award, approximately $1.51 billion is being obligated from various funding sources, including Navy weapons procurement, Air Force missile procurement, Air Force research and development, Air Force operation and maintenance, and Foreign Military Sales funds.

In a separate defense contract, Lockheed Martin Rotary and Mission Systems of Syracuse, New York, received a $57.26 million contract for engineering support and production of submarine multifunction modular masts for new construction and in-service submarines.

The Lockheed contract includes options that could increase its total value to $202.77 million if exercised. Work will be performed in Syracuse, New York, with completion expected by July 2030.

The Naval Sea Systems Command in Washington, D.C., is the contracting activity for the Lockheed Martin award, which was not competitively procured.

You May Also Be Interested In

• European Commission closes antitrust probe into RTX unit
• QSE closes $6M private placement with final tranche of $674K
• UBS Downgrades Converge ICT Solutions Inc (CNVRG:PM) to Neutral