Wednesday, July 23, 2008

Raytheon lands $21M contract to protect Navy

By Mass High Tech Staff

Raytheon Co. reports it has landed a $21.2 million contract from the U.S. Navy for components used in a missile launching system.

Under the contract, Raytheon Integrated Defense Systems will deliver 68 MK20 MOD 1 canisters and 156 spare frangible covers, both components of the NATO Seasparrow MK48 Guided Missile Vertical Launch System. The system is used to defend against high-speed, highly maneuverable anti-ship missiles.

The components will be used by the Canadian Navy, while the frangible covers will be delivered to Canada, the Netherlands, and Belgium, Raytheon (NYSE: RTN) said.

The Nato Seasparrow Consortium, which is funding the contract, comprises the United States and 11 other countries. Work on the contract will be performed at Raytheon’s Seapower Capability Center in Portsmouth, R.I., as well as by a subcontractor in the Netherlands.

Earlier this month, Raytheon IDS landed $190 million to provide Kuwait and COMLOG, a joint venture between Raytheon and the German arm of multinational missile company MBDA Ltd., with upgrades to their Patriot missile systems.
Also in July, IDS brought in $4.7 million from the U.S. Department of Homeland Security for the development of a prototype long-distance radiation detector.

In June, IDS won $76.2 million from the U.S. Army to support its aerostat surveillance systems.

That same month, IDS won a $63.4 million contract for a sonar system it calls the primary undersea warfare sensor for Navy helicopters.

Raytheon Integrated Defense Systems is a Tewksbury-based business unit of Raytheon Co. Raytheon reported a 2007 net income of $3.5 billion on revenue of $21.3 billion.