U.S. Navy Awards Raytheon $368 Million in Contracts for Standard Missile-6

The U.S. Navy awarded Raytheon Company (NYSE: RTN) contracts totaling $368 million with potential modifications for low rate initial production to manufacture Standard Missile-6 systems over a three-year period.

The contracts include the production of missiles, spare parts, and system and design engineering efforts. Raytheon will deliver the first missiles in early 2011.

"Low rate initial production begins our process of delivering this integral weapon system to the warfighter," said Frank Wyatt, vice president of Raytheon's Air and Missile Defense Systems product line. "Standard Missile-6 remains on schedule, and we brought in the first three years of production well under the Navy's budget."

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