Investing.com - Raytheon Co. (NYSE: RTX) received a $49.7 million contract from the U.S. Navy for repair work on Close-In Weapon System components, the Department of War announced Monday.

The firm-fixed-price delivery order covers repairs of 29 part numbers with various quantities under a basic ordering agreement awarded in 2024. Work will be performed at Raytheon's Louisville, Kentucky facility and is expected to be completed by August 2032.

The Navy will obligate $24.4 million in fiscal 2026 working capital funds at the time of award as an undefinitized contract action. The funds do not expire at the end of the current fiscal year.

Subsequent task orders will be funded with appropriate fiscal year working capital funds from the Navy. Raytheon's Tucson, Arizona operations received the contract award.

Naval Supply Systems Command, Weapon Systems Support in Philadelphia, Pennsylvania serves as the contracting activity. The Navy solicited one company for the sole-source requirement and received one offer.