Raytheon Awarded $266 Million Standard Missile-2 Production Contract
TUCSON, Ariz., March 23, 2005 /PRNewswire/ -- Raytheon Company (NYSE: RTN) has been awarded a $265.9 million contract from the U.S. Navy for fiscal year 2005 Standard Missile-2 (SM-2) production.
Under the firm fixed-price contract, Raytheon will deliver to the Navy 75 Block IIIB missiles; 79 Block IIIB ordnance alteration kits to upgrade older SM-2 missiles to the Block IIIB configuration; and telemeters, spare sections and rocket motors. The contract also calls for producing 64 Block IIIB rounds, and 99 Block IIIA rounds, telemeters and shipping containers for foreign military sales. Work on the contract will be performed at Raytheon's Missile Systems business.
"We are pleased to continue to provide the U.S. Navy and our allies with the safe, effective and affordable fleet defense capabilities of SM-2," said Ed Miyashiro, Raytheon's Naval Weapon Systems vice president. "This contract places Raytheon as the Standard Missile full-service support provider to the U.S. Navy."
The primary role of Standard Missile-2 is to provide area defense against enemy aircraft and anti-ship missiles. The SM-2 Block IIIB, which entered the fleet in 1998, incorporates a side-mounted infrared seeker to aid in endgame guidance. SM-2 is operational on guided missile cruisers, destroyers and frigates in the U.S. Navy and is in operation with 13 allied navies.
Raytheon Company, with 2004 sales of $20.2 billion, is an industry leader in defense and government electronics, space, information technology, technical services, and business and special mission aircraft. With headquarters in Waltham, Mass., Raytheon employs 80,000 people worldwide.
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