Pentagon Awards $159 Million in Defense Contracts Monday

The Department of Defense announced seven new defense contracts Monday worth $159.2 million combined. Raytheon 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.

The article Pentagon Awards $159 Million in Defense Contracts Monday originally appeared on Fool.com.

Fool contributor 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 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.

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