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The Missile Defense Agency awarded Raytheon Company (NYSE: RTN) a $230 million contract for 14 Standard Missile-3 Block IA missiles and five SM-3 Block IB missiles. The SM-3 Block IA missiles will bolster the nation's inventory that is deployed around the world today aboard U.S and Japanese Navy ships.
Designed to destroy short- to intermediate-range ballistic missile threats in space, Raytheon's SM-3 Block IB includes an enhanced two-color infrared seeker for better target discrimination. This improved SM-3, which was recently successful in two back-to-back flight tests in May and June 2012, also has a Throttleable Divert and Attitude Control System that allows the kinetic warhead to propel itself toward incoming threats using short bursts of precision propulsion.
Raytheon has delivered more than 135 SM-3 missiles to the U.S. and Japanese navies on time and on budget.