The U.S. Navy awarded Raytheon Company (NYSE: RTN) a $106.4 million modification to a previously awarded contract for the production of Aegis-related equipment, including the AN/SPY-1(D)V radar transmitter and MK99 Mod 14 Fire Control System. With this modification, Raytheon will continue its long history of reliable manufacturing of these two essential components, which are critical to Aegis' air and missile defense capabilities.
The work will support DDG 116, the next planned ship of the Arleigh Burke-class of destroyers, as well as the Aegis Ashore missile defense system. Raytheon's AN/SPY-1 radar transmitters and MK99 Fire Control System, both key elements of the Aegis system, have been in production for more than 30 years as part of the U.S. Navy's Aegis shipbuilding program.
"Raytheon has partnered with the Navy for more than three decades on Aegis, and we look forward to supporting the next stage of the program," said Denis Donohue, director of Above Water Sensors for Raytheon's Integrated Defense Systems business. "As the world's preeminent leader in naval radar technology, we are uniquely positioned to advance the legacy of Aegis and build upon its proven capabilities."
Source: Raytheon Corporation (NYSE: RTN)
Date: Apr 17, 2012