The Javelin Joint Venture between Lockheed Martin (NYSE:LMT) and Raytheon Company (NYSE:RTN) received a $176 million contract in September to produce and deliver 842 Block I Javelin missile rounds and 120 command launch units (CLUs), the companies announced today. The units will be delivered starting in October to the U.S. Army and Marine Corps as well as three international customers: Oman, Jordan, and Indonesia.
"This contract allows us to provide to our customers one of the most reliable and user-friendly systems in the world," said Barry James, Lockheed Martin Javelin program director and Javelin Joint Venture vice president, in a press release. "Javelin has proven and continues to prove itself time and time again in combat."
Javelin is a compact, lightweight missile that enhances direct-fire capability against armored vehicles, buildings, and field fortifications. The system enables a single infantryman to engage targets in close combat and at ranges up to two-and-a-half kilometers. Currently, the Javelin is used with the U.S. Army and U.S. Marine Corps and is also approved for sales to 13 foreign nations.
"The Javelin Joint Venture is providing U.S. and allied warfighters with an affordable, versatile and lethal one-man-portable, anti-tank, guided missile and surveillance weapon," said Jeff Miller, Raytheon Javelin program director and Javelin Joint Venture president, in a press release. "This contract is important to the Javelin program because the CLU retrofit business keeps our production line warm through mid-2015."
Fool contributor Daniel Miller has no position in any stocks mentioned. The Motley Fool owns shares of Lockheed Martin and Raytheon Company. Try any of our Foolish newsletter services free for 30 days. We Fools may not 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.