Raytheon wins $232.8 million Navy contract

File photo: Michael J. Cole/AP

Raytheon Co., the Waltham defense contractor, said today that it has won a $232.8 million contract from the Navy to develop a GPS-based system for landing jets on aircraft carriers.

The company said the system would improve pinpoint landing accuracy in any weather and is based on a modular design to reduce costs for future upgrades.

The contract covers development and demonstration of the system.

Raytheon will be joined on the contract by Rockwell Collins, Northrop Grumman, and SAIC.

GPS or global positioning systems use signals from orbiting satellites to determine exact location. Raytheon officials said the Navy contract would give the company experience toward efforts to develop space-based air traffic management systems.

Shares of Raytheon fell 61 cents to $57.13 in midday trading on the New York Stock Exchange. (AP)