TUCSON, Ariz., June 27, 2013 /PRNewswire/ -- Raytheon Company (NYSE: RTN) was awarded a sole-source, cost-plus-incentive-fee contract valued at $126,000,000. The SM-3 missile 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."
This contract modification is to procure the material required to manufacture up to 29 SM-3 Block IB missiles. Work will be performed in Tucson, Ariz., with an estimated completion date of Sept. 30, 2016.
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 150 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.
Raytheon Company, with 2012 sales of $24 billion and 68,000 employees worldwide, is a technology and innovation leader specializing in defense, security and civil markets throughout the world. With a history of innovation spanning 91 years, Raytheon provides state-of-the-art electronics, mission systems integration and other capabilities in the areas of sensing; effects; and command, control, communications and intelligence systems; as well as a broad range of mission support services. Raytheon is headquartered in Waltham, Mass. For more about Raytheon, visit us at www.raytheon.com and follow us on Twitter @raytheon.
SOURCE Raytheon Company