Raytheon gets 2 pacts with Navy worth up to $72M
WALTHAM, Mass.—Raytheon Co. said Thursday that it received two contracts from the Navy that are worth up to $72 million for work on its weapons and surface missile systems.
The defense contractor said that the pacts from the Naval Sea Systems Command will include work on the Phalanx, SeaRAM and Land-based Phalanx weapons systems and the NATO Seasparrow surface missile systems.
The contracts could be worth almost $72 million if NAVSEA exercises all options on the Seasparrow agreement. The Seasparrow pact has an initial base of about $21.1 million. If the options are fully exercised, the contract would have a total value of approximately $26.4 million.
The Phalanx contract is valued at about $45.6 million.
Shares of Raytheon, based in Waltham, Mass., rose 28 cents to $48.91 in morning trading.