🔺 U.S. $24 billion contract to boost production of interceptor missiles

▪ The U.S. Navy signed a contract worth up to $24.4 billion with Raytheon, a subsidiary of RTX, to accelerate the production of Standard Missile (SM)-6 interceptor missiles.

▪ According to a statement by the U.S. Department of Defense, the contract is for five years and can be extended for two more years. The statement said the deal would follow “faster production, increased manufacturing output, and significant cost savings across the defense industrial base.”

▪ The SM-6 is a multi-purpose missile that the U.S. Navy uses to strike aircraft, ballistic missiles, and ships, and is launched from Aegis-equipped ships.