Raytheon receives $126 million SM-3 contract

Raytheon Company was awarded a sole-source, cost-plus-incentive-fee contract valued at $126,000,000.

The SM-3 missile 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."

This contract modification is to procure the material required to manufacture up to 29 SM-3 Block IB missiles. Work will be performed in Tucson, Ariz., with an estimated completion date of Sept. 30, 2016.

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