Raytheon Wins Navy Contract Worth Up To $1.6B

TEWKSBURY, Mass. (AP) -- Raytheon Co. said Friday that it won a contract to build air and missile defense radars for the U.S. Navy that could be worth as much as $1.63 billion.

The defense contractor, which is based in Waltham, Mass., said that it is designing the radar for the Flight III Arleigh Burke destroyer beginning in 2016.

The initial deal is worth $385.7 million but could rise to $1.6 billion if certain options are exercised, the company said.

Shares of Raytheon slipped 21 cents to $76.05 in afternoon trading Friday. They are up 39 percent in the last year.

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