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."

The work will be performed in Tucson, Ariz., and Huntsville, Ala., through September 2016.

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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)
Date: Mar 6, 2014