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Thursday, July 26, 2012

Raytheon awarded $925 million for advanced Standard Missile-3

SM-3The Missile Defense Agency awarded Raytheon Company RTN -0.42% a $925 million contract for development of the Standard Missile-3 Block IIA missile, which is a co-development effort between the U.S. and Japan.

"As the threat continues to evolve, so does our ability to counter that threat," said Dr. Taylor W. Lawrence, president of Raytheon Missile Systems. "We're honored to work with our Japanese allies to bring this next-generation defensive capability to the world."

Used by the U.S. and Japanese navies to destroy short- to intermediate-range ballistic missiles, the SM-3 is the only defensive weapon of its kind.

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