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Investing.com -- Raytheon (NYSE:RTN) Co. has received a $299.7 million contract modification from the U.S. Department of Defense for the Evolved SeaSparrow Missile Block 2 program.
The firm-fixed-price modification to a previously awarded contract will fund test equipment, spares, and options for Guided Missile Assemblies, according to the DoD announcement.
Work on the contract will be distributed across multiple locations with the largest portions being performed in Tucson, Arizona (12%), Edinburgh, Australia (11%), and Mississauga, Canada (10%). Additional significant work will take place in San Jose, California (9%) and Raufoss, Norway (8%).
The project spans across 23 named locations plus various smaller sites, each representing less than 1% of the total work, which collectively account for 8% of the contract.
The DoD expects the work to be completed by September 2030.
Funding for the contract comes primarily from fiscal 2025 Navy weapons procurement funds, which account for $283.7 million (95%) of the total. Additional funding includes $7 million from fiscal 2025 other customer funds (2%), $5.4 million from fiscal 2024 Navy weapons procurement funds (2%), and $3.5 million from fiscal 2024 other customer funds (1%).
The Naval Sea Systems Command in Washington, D.C. is serving as the contracting authority for this modification to contract N00024-24-C-5408.
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