Among many beneficiaries, Raytheon won a pair of contracts in as many days. The smaller of the two awards, for $12.1 million, involves a contract modification paying Raytheon to design "digital signatures" for "critical information exchanges and proof [of] message origin" for the Air Force. Work is expected to be complete by Feb. 28, 2015.
The more important contract comes to Raytheon through the nation's Missile Defense Agency (MDA), and modifies an existing contract to perform in-service engineering support for Standard Missile-3 Block IB.
SM-3IB is a new version of Raytheon's venerable Standard surface-to-air missile, which aims to enhance the original's effectiveness with enhanced, two-color infrared target seeking, and the use of short bursts of precision propulsion to steer the missile toward incoming targets. The SM-3IB is scheduled to begin deployment in 2015, and this contract runs through Sept. 30, 2015. Raytheon has received contract awards of $594.4 million on this contract. This week's $62.3 million award lifts the total to $656.7 million.
The article Raytheon Contract Grows to $656.7 Million in Value originally appeared on Fool.com.Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool owns shares of 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.