Raytheon secures $658 million in defense contracts for missile systems

Investing.com -- Raytheon Technologies (NYSE: RTX) has secured three defense contracts worth a combined $658 million for various missile systems and propulsion technology, according to announcements from the U.S. Department of War.

The largest award is a $578.6 million firm-fixed-price contract to Raytheon Missile Defense in Tucson, Arizona, for the procurement of Stinger missiles, along with ancillary equipment and support. The contract, which was awarded after a single bid was received via internet solicitation, has an estimated completion date of September 29, 2031. The Army Contracting Command at Redstone Arsenal, Alabama, is managing this contract.

In a separate award, Raytheon Technologies Corp. in East Hartford, Connecticut, received a $59.9 million cost-plus-incentive-fee modification to an existing contract for F135 propulsion systems. These systems will support lot 18 F-35 aircraft production for the Joint Strike Fighter program, serving the Air Force, Marine Corps, Navy, F-35 Cooperative Program Partners, and Foreign Military Sales customers. Work on this contract will be performed across multiple U.S. locations, with completion expected by December 2027.

Additionally, Raytheon Missiles and Defense in Tucson, Arizona, was awarded a $20.1 million cost-plus-fixed-fee modification to provide non-recurring engineering support for redesigning the Mid-Aft-Tail Test Set. This work aims to enhance production capacity for the Tomahawk All Up Round missile system and will be completed by March 2028, with 82% of the work performed in Tucson, Arizona, and 18% in Kirkland, Washington.

The contracts represent significant ongoing investment in U.S. missile defense capabilities and fighter jet propulsion systems.

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