Investing.com - Raytheon Co. (NYSE: RTX) secured a $1.02 billion contract from the U.S. Department of War to supply NASAMS fire units, the Pentagon announced today.

The firm-fixed-price contract covers procurement of the National Advanced Surface-to-Air Missile System units and is funded through fiscal 2026 Foreign Military Sales for Kuwait. The full contract amount of $1,020,659,819 was obligated at the time of the award.

Work will be performed at Raytheon’s facility in Tewksbury, Massachusetts, with an estimated completion date of May 26, 2031. Army Contracting Command at Redstone Arsenal, Alabama, serves as the contracting activity under designation W31P4Q-26-C-0008.

The contract was awarded through an internet-solicited bidding process. Raytheon submitted the sole bid received for the procurement.

NASAMS is a ground-based air defense system designed to protect against aircraft and missile threats. The system is used by multiple countries including the United States and NATO allies.