Raytheon wins $1.1B Navy contract for AIM-9X missiles

Raytheon, a business unit of RTX (NYSE: RTX), has been awarded a $1.1 billion contract from the U.S. Navy to produce AIM-9X Block II missiles for both domestic military inventory and foreign military sales customers.

Under the contract, Raytheon will manufacture AIM-9X missiles along with associated hardware and software. The AIM-9X is a short-range, infrared-tracking air-to-air and surface-to-air missile compatible with a range of modern aircraft and ground-launched systems, including the National Advanced Surface to Air Missile System (NASAMS).

Barbara Borgonovi, president of Naval Power at Raytheon, said the company has "streamlined production, shortened lead times and ramped up deliveries of AIM-9X missiles to keep pace with growing demand."

The missile is currently used by the U.S. and more than 35 allied and partner nations. Raytheon said it is scaling production capacity to 2,500 missiles per year to meet demand. Most of the work under the contract will be performed in Tucson, Arizona.

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