Raytheon awarded $559 million for SM-3 Block IB
TUCSON, Ariz., May 4, 2015 /PRNewswire/ -- The Missile Defense Agency awarded Raytheon Company (NYSE: RTN) an undefinitized contract action for a fiscal year 2015 contract valued at $559,206,957 million for Standard Missile-3 Block IBs, which are guided missiles used by the U.S. Navy to provide regional defense against short- to intermediate-range ballistic missile threats.
Under this contract action, which was announced April 30 by the Department of Defense, Raytheon will deliver an initial quantity of 44 Standard Missile-3 Block IB all-up rounds and provide the work required to produce and deliver the third stage rocket motor reliability growth and design enhancements. The government expressed its intention to purchase additional missiles up to a total quantity of 52.
Final assembly of the SM-3 Block IB takes place at Raytheon's state-of-the-art SM-6 and SM-3 all-up-round production facility at Redstone Arsenal in Huntsville, Ala.
Deployed at sea for the first time in 2014, the SM-3 Block IB is on track for land-based deployment in Romania this year in line with the second phase of the Phased Adaptive Approach, the U.S.'s plan for missile defense in Europe.
About the Standard Missile-3
SM-3s destroy incoming ballistic missile threats in space using nothing more than sheer impact, which is equivalent to a 10-ton truck traveling at 600 mph.
- More than 200 SM-3s have been delivered to the U.S. and Japan to date.
- SM-3 Block IB will be deployed ashore in 2015 in Romania.
- SM-3 Block IIA is on track for deployment at sea and ashore in 2018 in Poland
Raytheon Company, with 2014 sales of $23 billion and 61,000 employees worldwide, is a technology and innovation leader specializing in defense, security and civil markets throughout the world. With a history of innovation spanning 93 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 cyber security and 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