The U.S. Navy awarded Raytheon Company (NYSE: RTN) a $338 million contract for the Tomahawk Block IV tactical cruise missile. The contract, which was announced by the Department of Defense on June 7, includes replenishment of weapons used during Operation ODYSSEY DAWN and procurement for the government's fiscal year 2012.
"Tomahawk Block IV is important for U.S. national security because it enables commanders to precisely engage heavily-defended and high-value targets from extremely long distances," said Capt. Joseph Mauser, the U.S. Navy's Tomahawk program manager. "With more than 2,000 combat uses and 500 successful tests, Tomahawk has proven highly reliable and effective."
The contract calls for Raytheon to build and deliver the Tomahawk Block IV cruise missiles, and provide warranties, flight test and life-cycle support. Production is scheduled to begin this year.
"Tomahawk has a record of reliability, effectiveness and accuracy that no other tactical cruise missile in the world can come close to matching," said Harry Schulte, vice president of Raytheon Missile Systems' Air Warfare Systems. "This is made possible by more than 250 Raytheon employees building Tomahawk and supporting its depot, and by our suppliers across the country. They are critical to our success and the security of our country and our allies."
Source: Raytheon Corporation (NYSE: RTN)
Date: Jun 11, 2012