Javelin JV Awarded $176 M for Javelin Weapon System
The Raytheon Company (NYSE: RTN) and Lockheed Martin (NYSE: LMT) Javelin Joint Venture received a $176 million contract for the production and delivery of 842 Block I Javelin missile rounds and 120 command launch units (CLUs). The contract was awarded to the Javelin Joint Venture in September.
The missiles will be provided through the U.S. government to the U.S. Army, U.S. Marine Corps and three international customers: Oman, Jordan and Indonesia. Funded with Special Defense Acquisition Funds, the CLUs will be delivered to the U.S. Army beginning October 2014.
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"The Javelin Joint Venture is providing U.S. and allied warfighters with an affordable, versatile and lethal one-man-portable, anti-tank, guided missile and surveillance weapon," said Jeff Miller, Raytheon Javelin program director and Javelin Joint Venture president. "This contract is important to the Javelin program because the CLU retrofit business keeps our production line warm through mid-2015."
Javelin enhances direct-fire capability against armored vehicles, buildings and field fortifications. Using the Javelin missile system, a single infantryman can engage and defeat targets in close combat and at ranges up to two-and-a-half kilometers.
"This contract allows us to provide to our customers one of the most reliable and user-friendly systems in the world," said Barry James, Lockheed Martin Javelin program director and Javelin Joint Venture vice president. "Javelin has proven and continues to prove itself time and time again in combat."
Javelin is a compact, lightweight missile designed for one-soldier operations in all environments. It is made by the Javelin Joint Venture, a partnership between Raytheon Company and Lockheed Martin. Javelin has been adopted by international armed forces around the world. It is currently fielded with the U.S. Army and U.S. Marine Corps, and has also been approved for foreign military sales to 13 nations.
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Source : Raytheon Corporation (NYSE: RTN)