TUCSON, Ariz., March 6, 2014 /PRNewswire/ -- The Missile Defense Agency awarded Raytheon Company (NYSE: RTN) $350 million to increase its procurement of Standard Missile-3 Block IB missiles from 8 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.
Standard Missile-3 2013 Year-in-Review
Feb. SM-3 Block IA destroys medium-range ballistic missile target using remote satellite cue March Raytheon's dual-band datalink tested with Thales radar May SM-3 Block IB destroys complex, separating short-range ballistic missile target June Raytheon delivers first SM-3 from its new Alabama missile integration facility Sept SM-3 Block IA destroys medium-range ballistic missile target during operational test Sept US Navy launches two SM-3 Block IBs against single ballistic missile target; target destroyed Oct. SM-3 Block IB destroys medium range ballistic missile target; completes initial operational testing Oct. SM-3 Block IIA completes critical design review; program moves from design to build
About Raytheon Raytheon Company, with 2013 sales of $24 billion and 63,000 employees worldwide, is a technology and innovation leader specializing in defense, security and civil markets throughout the world. With a history of innovation spanning 92 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.
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SOURCE Raytheon Company