Raytheon awarded $122 million by Department of Defense for Standard Missile-3

TUCSON, Ariz., Dec. 27, 2011. Raytheon Company (NYSE: RTN) received a $122.5 million contract from the U.S. Missile Defense Agency for continued development of Standard Missile-3 Block IA and IB programs. Under this modification, Raytheon will provide SM-3 design and engineering, in service engineering support, production engineering, surveillance and flight test support, and transition to production.

The contract was announced on Dec. 22 by the Department of Defense.

The SM-3 missiles are designed to defend against short- to intermediate-range ballistic missile threats in the ascent and midcourse phases of flight. Raytheon has delivered over 130 SM-3 Block IAs.

SM-3 Block IB is the second variant in the SM-3 family, features several improvements and is set to deploy in 2015.