7/103 sources · 3 publishersUpdated Oct 8, 19:15 UTC
U.S. Navy awards Raytheon a multi‑year SM‑6 missile contract worth up to $24.4 billion
The U.S. Navy signed a contract with RTX’s Raytheon division for Standard Missile‑6 interceptors. The agreement covers a five‑year base period with two optional extension years and is valued at up to $24.4 billion. Raytheon said it will expand its workforce, automate production and strengthen supplier partnerships to meet the demand. Funding for the contract still requires congressional approval.
Why it matters
RTX says the contract will drive higher output of SM‑6 missiles and support revenue growth, but the company notes that without congressional funding it may be unable to make large‑scale investments in production capacity.
Key facts
- 1The contract is valued at up to $24.4 billion. stocktitan.net
- 2The base term is five years with an option for two additional years. stocktitan.net
- 3Raytheon is expanding its skilled workforce and automating production to increase output. ua.news
- 4Congress has not yet approved the funding required for the contract. finance.biggo.com
Summary written by AlphAI from 3 of 3 sources. Not investment advice. Figures are as stated by the linked sources.