TUCSON, Ariz., March 30, 2020 /PRNewswire/ -- Raytheon Company (NYSE: RTN) will produce and deliver SM-3® Block IB interceptors under a $2.1 billion, multi-year U.S. Missile Defense Agency contract. It is the first multi-year contract for the SM-3 program, and covers fiscal years 2019–2023.

An SM-3® Block IB interceptor launches from the USS Lake Erie during a Missile Defense Agency test designed to hit a complex, short-range ballistic missile target. (Photo: Missile Defense Agency)

SM-3 is the only ballistic missile interceptor that can be launched on land and at sea. It is deployed worldwide and has achieved more than 30 exoatmospheric intercepts against ballistic missile targets.

"This procurement deal is a win-win for government and industry," said Dr. Mitch Stevison, Raytheon Strategic and Naval Systems vice president. "Efficiencies gained from this contract will allow us to reduce costs, continue to improve the SM-3 and deliver an important capability to our military."

The Block IB variant achieved full-rate production in 2017. The company has delivered more than 400 SM-3 rounds over the lifetime of the program.

About Raytheon

Raytheon Company, with 2019 sales of $29 billion and 70,000 employees, is a technology and innovation leader specializing in defense, civil government and cybersecurity solutions. With a history of innovation spanning 98 years, Raytheon provides state-of-the-art electronics, mission systems integration, C5I® products and services, sensing, effects, and mission support for customers in more than 80 countries. Raytheon is headquartered in Waltham, Massachusetts. Follow us on Twitter.

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