Raytheon Wins $21 Million Navy Contract

Jul 23, 2008 (financialwire.net via COMTEX) -- RTN | Quote | Chart | News | PowerRating -- July 23, 2008 (FinancialWire) Raytheon Co. (NYSE: RTN | Quote | Chart | News | PowerRating) (Current Market Cap: US$24.06 Bil.) has been awarded a $21.2 million U.S. Navy contract for components of the NATO Seasparrow MK48 Guided Missile Vertical Launch System.

The MK48 launches Seasparrow and Evolved Seasparrow missiles to defend against high-speed, highly maneuverable anti-ship missiles.

Under this modification to an existing contract, Raytheon will deliver 68 MK20 MOD 1 canisters and 156 spare frangible covers, critical components of the MK48 GMVLS. The canisters will support systems currently in use by the Canadian Navy, while the frangible covers will be delivered to Canada, the Netherlands, and Belgium.

The NATO Seasparrow Consortium, which comprises the U.S. and eleven other countries, will fund the contract.

Waltham, Massachusetts-based Raytheon specializes in defense, homeland security and other government markets. The company posted 2007 sales of $21.3 billion.

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