Raytheon Secures $518M Contract to Produce More AMRAAM Systems for US, Foreign Military Clients

Raytheon Technologies (NYSE: RTX) has received a $518.4 million contract to manufacture lot 34 Advanced Medium Range Air-to-Air Missiles and associated systems for U.S. and international defense customers.

The basic award from the Air Force Life Cycle Management Center in Florida will include the production of AMRAAM captive air training missiles. telemetry systems and guidance sections, the Department of Defense said Friday.

DOD added that the firm-fixed-price, incentive contract has priced options for the next two production lots and foreign military sales to 11 countries.

Work will take place in Tucson, Arizona, through Dec. 31, 2023.

The full contract amount is being obligated on this award, with approximately $234.8 million coming from the U.S. military and the remaining $283.6 million from FMS clients, according to the Pentagon.

AMRAAM functions as a dual-role weapon designed to support surface-launch and air-to-air engagements, according to Raytheon’s website.