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."

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.

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"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)
Date: Aug 8, 2013