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Wednesday, March 21, 2012

Raytheon’s $621 Million Halted by U.S. on Missile Delays

[An AIM-120 AMRAAM mounted on the wingtip station]The Air Force is withholding $621 million in payments to Raytheon Co., the biggest U.S. maker of missiles for the U.S. military, citing chronic delays in delivering the most advanced air-to-air missile for the service and the Navy.

Raytheon’s Missile Systems unit, based in Tucson, Arizona, was 193 missiles behind schedule as of Feb. 29, according to Air Force data.

The Air Force notified Raytheon on March 3 that it was withholding $419 million in fiscal 2010 payments, the service said in an e-mail. That’s in addition to $202 million the service was already withholding for 2007 to 2009.

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