Raytheon receives $350 M SM-3 Block IB contract
The Missile Defense Agency awarded Raytheon Company (NYSE: RTN) $350 million to increase its procurement of Standard Missile-3 Block IB missiles from 8 to 44.
The SM-3 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."
Global Missiles and Missile Defense Systems Market 2014-2018
The work will be performed in Tucson, Ariz., and Huntsville, Ala., through September 2016.
Standard Missile-3 2013 Year-in-Review
- Feb. - SM-3 Block IA destroys medium-range ballistic missile target using remote satellite cue
- March - Raytheon's dual-band datalink tested with Thales radar
- May - SM-3 Block IB destroys complex, separating short-range ballistic missile target
- June - Raytheon delivers first SM-3 from its new Alabama missile integration facility
- Sept - SM-3 Block IA destroys medium-range ballistic missile target during operational test
- Sept - US Navy launches two SM-3 Block IBs against single ballistic missile target; target destroyed
- Oct. - SM-3 Block IB destroys medium range ballistic missile target; completes initial operational testing
- Oct. - SM-3 Block IIA completes critical design review; program moves from design to build
Source : Raytheon Corporation (NYSE: RTN)