On Friday, the Department of Defense announced that it has awarded Raytheon's (NYSE:RTN) Integrated Defense Systems division a $116 million firm-fixed-price level-of-effort contract modifying an existing contract to provide engineering services for Patriot surface-to-air missile systems in support of foreign military sales.
As in other similar contract announcements in recent weeks, the Pentagon's contract announcement did not specify the country to which the Patriots are being (or have already been) shipped. In recent years, multiple Mideast buyers (and not only Mideast buyers) have been named as being interested in buying the Patriot system, including Turkey, Saudi Arabia, and Kuwait.
The Pentagon did note that Raytheon is expected to complete work on this latest contract by next Jan. 31 -- a date that does not neatly line up with any of the other major Patriot-related contract awards we've seen so far this year.
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