Raytheon Co has been granted a $15.9m contract by the Naval Sea Systems Command in Washington, D.C., to exercise the option and incrementally fund an existing contract line item for the low-rate initial production of Standard Missile-2 Block IIIC.
In 2018 Raytheon provided engineering and development for the Standard Missile-2 Block IIIC.
The company’s Huntsville, Alabama facility will be responsible for completing the project, with an anticipated completion date of December 2024.
The contract allows Raytheon to exercise the option and incrementally fund an existing contract line item for the low-rate initial production of Standard Missile-2 Block IIIC.
The Standard Missile-2 Block IIIC is a United States Navy’s defence arsenal component. It is an advanced surface-to-air missile designed to enhance naval defence systems’ capabilities. The SM-2 Block IIIC has become integral to the Navy’s fleet defence strategy.
Raytheon’s Huntsville facility is renowned for its manufacturing capabilities and research and development facilities.
According to GlobalData’s “The Global Missiles & Missile Defense Systems Market 2022-2032” report, Raytheon Technologies is the leading MMDS supplier in North America. The company will capture 24.9% of the MMDS market in North America, with an anticipated revenue share of $34.7 billion over 2022–32.
By completing this contract, Raytheon will not only bolster its portfolio but also contribute to enhancing the nation’s defence capabilities.
