BRIEF: Raytheon to compete on missile system

Sep 20, 2008 (The Arizona Daily Star - McClatchy-Tribune News Service via COMTEX) -- RTN | Quote | Chart | News | PowerRating -- Sep. 20--Tucson-based Raytheon Missile Systems and Lockheed Martin Corp. won separate awards to develop competing versions of a new air-to-ground missile for the U.S. military, Bloomberg News reported.

Raytheon won a $125 million, 27-month contract to develop technology for the Joint Air-to-Ground Missile, company spokesman John Nelson said. Lockheed won a $122 million contract over the same period, the Bethesda, Maryland-based company said in a statement.

The new weapon will replace existing ones including the Hellfire missile on the Army's Apache attack helicopter and the Marine Corps' Super Cobra attack helicopter, as well as the Maverick missile on the Navy's F/A-18 Hornet jet fighter. Lockheed estimates the three military services may ultimately buy 35,000 of the new missiles.

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