Wednesday, November 25, 2009

Raytheon wins $5.8M to upgrade Canadian missile systems

By Brendan Lynch

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Raytheon Co. took in $5.8 million from the U.S. Navy to upgrade missile-launching systems for the Canadian military, according to the U.S. Department of Defense.

Under the deal, a Foreign Military Sales contract, Raytheon (NYSE:RTN) will upgrade hardware and software components on Canadian Mk-48 guided missile vertical launching systems. The upgrade includes the ability to launch Evolved Sea Sparrow missiles. Work on the contract will be performed in Portsmouth, R.I., as well as in Sudbury, and is expected to be completed by July 2011.

November has been a lucrative month for the Waltham-based defense contractor. Earlier this month, Raytheon  brought in $197 million from the Navy for engineering on amphibious warfare ships. The next day it landed $241 million from the Navy to complete work on software for Navy destroyers. The next week, Raytheon landed $20.5 million from the U.S. Army to provide Patriot missile spare parts to the State of Kuwait.

Waltham-based Raytheon reported a net income of $490 million on revenue of $6.2 billion for the quarter ended Sept. 27.