TEWKSBURY, Mass. (AP) -- Military contractor Raytheon Co. said Wednesday it received a $165 million Navy contract to provide lightweight and heavyweight torpedo hardware and support services.
Raytheon's Integrated Defense Systems unit will make 228 MK48 heavyweight torpedoes and 192 MK54 lightweight ones for the Navy. Some of the order will be sold to the Australian and Turkish navies as part of foreign military sales agreements.
The work will be done at Raytheon's facility in Portsmouth, R.I.
Raytheon shares slid $1.75, or 3.6 percent, to $47.47 in morning trading. The stock has ranged from $41.81 to $67.49 in the past year.