Raytheon Company (NYSE: RTN) signed a $123 million contract to deliver nine Phalanx Block 1B Close-In Weapon Systems to the Republic of Korea Navy.
Under the direct commercial sale, the largest ever for the Phalanx program, Raytheon will deliver the Phalanx systems for installation aboard the FFX Batch II frigate-class ships and AOE II-class fast combat support ships.
Deliveries will begin in 2016 and are scheduled to be completed in 2022. The contract was signed during the fourth quarter 2013.
"Phalanx provides the vital protective capabilities needed for the Republic of Korea Navy to achieve its maritime mission requirements in the littorals and high seas in which it operates," said Rick Nelson, vice president of Raytheon's Naval and Area Mission Defense product line. "Phalanx counters sophisticated subsonic and supersonic anti-ship missiles while increasing the outer perimeter for ship self-defense."
Phalanx is a rapid-fire, computer-controlled radar and 20 mm gun system that automatically acquires, tracks and destroys enemy threats that have penetrated all other ship defense systems. More than 890 systems have been built and deployed in the navies of 25 nations.
Source: Raytheon Corporation (NYSE: RTN)
Date: Feb 24, 2014