TUCSON, Ariz. (AP) - Defense contractor Raytheon Co. said Wednesday it won a U.S. Navy contract worth up to $424 million for engineering and manufacturing work related to sea-based missile defense.
Under the contract, Raytheon will help complete development of the Navy's Standard Missile-3, with an initial funding of $96 million. Raytheon will receive all $424 million if the Navy exercises all the contract's options.