7 March 2014
Raytheon Company (NYSE: RTN) said the Missile Defense Agency awarded USD350m to increase its procurement of Standard Missile-3 Block IB missiles from eight 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.
Raytheon is a technology and innovation leader specializing in defense, security and civil markets throughout the world. Its website is at www.raytheon.com and on Twitter @Raytheon.