Raytheon Receives $218M for Advanced SM-3
Raytheon Company (NYSE: RTN) was awarded a $218,530,196 contract by the Missile Defense Agency to complete the assembly and delivery of 29 Standard Missile-3 Block IB missiles. Launched off U.S. Navy ships, SM-3 interceptors protect the U.S. and its allies by destroying incoming short-, medium-, and intermediate-range ballistic missile threats by colliding with them in space.
"The three back-to-back successful SM-3 Block IB flight tests have demonstrated the missile's advanced capabilities and reliability against various threats in a variety of mission scenarios," said Dr. Taylor Lawrence, Raytheon Missile Systems president. "Combatant commanders around the world are eager to build up their inventories in support of Phase 2 of the Phased Adaptive Approach starting in 2015."
Global Missile Industry 2015 Market Research Report
Final assembly will take place in Raytheon's new, state-of-the-art Redstone Missile Integration Facility in Huntsville, Ala. Guidance sections and guidance units will be built at the Raytheon Missile Systems Space Factory in Tucson, Ariz.
"The Redstone Missile Integration Facility will prove critical as we ramp up our manufacturing capacity on the path to SM-3 Block IB full-rate production," said Dr. Mitch Stevison, Raytheon Missile Systems' SM-3 program director.
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 155 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) - view original press release