TEWKSBURY, Mass., Aug. 29, 2016 /PRNewswire/ -- Raytheon Company (NYSE: RTN) has been awarded a $37,723,774 firm-fixed-price, fixed-price-incentive, cost and cost-plus-fixed-fee contract for the procurement of MK 54 lightweight torpedo common parts kits; MK 54 Mod 0 lightweight torpedo kits; and MK 54 exercise fuel tanks, spares, production support material, engineering support, and hardware repair support.

This contract includes options which, if exercised, would bring the cumulative value of this contract to $448,737,790. This contract combines purchases for the U.S. Navy (98 percent) and the Government of Thailand (2 percent) under the Foreign Military Sales Program.

Work will be performed in Keyport, Washington (70 percent); Portsmouth, Rhode Island (25 percent); and Tewksbury, Massachusetts (5 percent) and is expected to be completed by May 2019. Fiscal 2016 weapons procurement (Navy), fiscal 2016 weapons procurement spares (Navy), and foreign military sales funding in the amount of $36,113,068 will be obligated at time of award and will not expire at the end of the current fiscal year. This contract was competitively procured via the Federal Business Opportunities website, with two offers received. The Naval Sea Systems Command, Washington, District of Columbia, is the contracting activity (N00024-16-C-6423).

About Raytheon
Raytheon Company, with 2015 sales of $23 billion and 61,000 employees, is a technology and innovation leader specializing in defense, civil government and cybersecurity solutions. With a history of innovation spanning 94 years, Raytheon provides state-of-the-art electronics, mission systems integration, C5I^TM products and services, sensing, effects, and mission support for customers in more than 80 countries. Raytheon is headquartered in Waltham, Massachusetts. Follow us on Twitter @Raytheon.

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SOURCE Raytheon Company