Congress Asked to Approve Sale of AMRAAM Missiles to Norway

Deal would mean $80 million in incremental revenue for Raytheon.

Feb 26, 2014 at 6:45PM

The U.S. Defense Security Cooperation Agency, or DSCA, notified Congress Wednesday of plans to sell the government of Norway a lot of AIM-120C-7 Advanced Medium Range Air-to-Air Missiles, or AMRAAMs, plus associated equipment and parts, training and logistical support for use aboard fighter jets of the Royal Norwegian Air Force, or RNAF. Assuming the sale is allowed to proceed, it would mean $80 million in revenues for Raytheon Corporation (NYSE:RTN), principal contractor on the sale.

Specifically, the RNAF is asking to purchase 36 AIM-120C-7 AMRAAMs and eight Captive Air Training Missiles -- dummy missiles used in training exercises. Also on order will be containers, support equipment, spare parts, and Common Munitions Bit/Reprogramming Equipment to be used on the weapons.

Explaining the sale to Congress, DSCA noted that Norway intends to use the weapons "for mutual defense, regional security, force modernization, and U.S. and NATO interoperability."

According to DSCA, "there will be no adverse impact on U.S. defense readiness as a result of this proposed sale." Nor will the sale "alter the basic military balance in the region." 

Rich Smith has no position in any stocks mentioned. The Motley Fool owns shares of Raytheon Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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