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Thursday, March 27, 2008

US Navy halts funding for Raytheon weapons program

The U.S. Navy said on Monday it was canceling funding for a Raytheon Co program to develop a long-range satellite-guided naval weapon after 12 years of work and a series of recent test failures.

The Navy says it has spent about $350 million on the Extended-Range Guided Munition, a high-tech projectile designed to be fired from Navy destroyers up to 50 miles offshore, since it launched the program in 1996.

After years of problems, the time had come to move in a different direction, officials said. "We were not seeing the return on the investment that we had hoped to see," said Navy spokeswoman Patricia Dolan.

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