Raytheon receives $126 M SM-3 contract
- SM-3s protect US and allies from ballistic missile attack
Raytheon Company (NYSE: RTN) was awarded a sole-source, cost-plus-incentive-fee contract valued at $126,000,000. The SM-3 missile is designed to destroy incoming short-, medium-, and intermediate-range ballistic missile threats by colliding with them in space, a concept sometimes described as "hitting a bullet with a bullet."
This contract modification is to procure the material required to manufacture up to 29 SM-3 Block IB missiles. Work will be performed in Tucson, Ariz., with an estimated completion date of Sept. 30, 2016.
Military Global Navigation Satellite Systems (GNSS) Market Assessment
About the Standard Missile-3
The SM-3 does not contain an explosive warhead, but instead destroys the threats using sheer impact, equivalent to a 10-ton truck traveling at 600 mph.
- More than 150 SM-3s have been delivered to U.S. and Japanese navies.
- Raytheon is on track to deploy the next-generation SM-3 Block IB guided missile in 2015.
- SM-3 Block IB will be deployed in both afloat and ashore weapons systems.
Source : Raytheon Corporation (NYSE: RTN)