Raytheon awarded $254.6 million for Tomahawk missile

Monday, Dec 24, 2012

The U.S. Navy awarded Raytheon Company (NYSE: RTN) a $254.6 million contract to procure Tomahawk Block IV tactical cruise missiles for fiscal year 2013. The contract calls for Raytheon to build and deliver Tomahawk Block IV cruise missiles, conduct flight tests and provide life-cycle support. Production and delivery of the missiles is scheduled to begin in 2013.

"Tomahawk Block IV enables the warfighter to precisely engage heavily defended and high-value targets from extremely long distances, which is critical to maintaining national security," said Capt. Joe Mauser, U.S. Navy Tomahawk program manager. "With more than 2,000 combat missions and 500 successful tests completed, Tomahawk has proven its outstanding reliability and effectiveness."

A major enhancement to the Tomahawk Block IV missile includes a two-way satellite data-link that enables a strike controller to redirect the missile in-flight to preprogrammed alternate targets or more critical targets.

"Tomahawk has an excellent record of reliability, effectiveness and accuracy. No other tactical cruise missile in the world can come close to matching it," said Harry Schulte, vice president of Air Warfare Systems for Raytheon Missile Systems. "This missile provides unparalleled capability and has greatly contributed to the security of our country and our allies."

The contract was announced by the Department of Defense on Dec. 17, 2012, and was awarded in Raytheon's fourth quarter.

About Tomahawk Block IV

With a range of approximately 1,000 statute miles, the Tomahawk Block IV missile is a surface- and submarine-launched precision strike stand-off weapon. Tomahawk is designed for long-range precision strike missions against high-value and heavily defended targets.

Source: Raytheon Company