Raytheon awarded $24.2 million Navy pact

The Navy awarded a $24.2 million contract to a business unit of Raytheon Corp. for multi-spectral targeting systems, including 21 turret units and associated items in support of two combat helicopters.

The MTS is also used on the Predator unmanned aerial vehicles. The work will be performed in McKinney, Texas, and is expected to be completed by May 2008.

Shares of Raytheon closed up 20 cents at $47.98 on the New York Stock Exchange. (AP)