Raytheon-Lockheed venture snags $299m contract
A joint venture of defense companies Raytheon Co. and Lockheed Martin Corp. received a US Army contract valued at $298.6 million to provide support for the Javelin anti-tank missile and command launch unit.
The five-year contract, including $34.9 million in funding for fiscal 2009, requires the joint venture to provide depot spares, repair support, training and data. Raytheon has its headquarters in Waltham, and Lockheed Martin is based in Maryland.
"We are extending the lifetime of our products through upgrades, while supporting the warfighter with training services and technical support," said Duane Gooden, Raytheon's Javelin program director and president of the joint venture.
Raytheon had sales of $23.2 billion last year, while Lockheed posted sales of $42.7 billion.
Shares of Raytheon rose 15 cents to $42.42 in morning trading. Lockheed Martin shares fell 44 cents to $77.84.
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