Pentagon Awards $159 Million in Defense Contracts Monday

The Department of Defense announced seven new defense contracts Monday worth $159.2 million combined. Raytheon (NYSE: RTN  ) won two of the contracts -- and 40% of the funding:

  • $35 million, when the U.S. Navy exercised an option to have Raytheon perform additional engineering work on the MK-31 Rolling Airframe Missile (RAM) Guided-Missile Weapon System (GMWS) currently being jointly developed by the U.S. and German governments. Raytheon will continue working on this project through September 2014.
  • And also $29.5 million, under a different U.S. Navy option exercise. This second contract has Raytheon supplying the Navy with AN/SPY-1D(V) radar transmitters, MK 99 missile fire control systems, and site support for the as-yet unnamed Arleigh Burke-class guided missile destroyer designated "DDG 119." Raytheon will also be assisting with system testing, shipyard installation, and other work through June 2017.

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