The US Missile Defense Agency inked a five-year deal worth more than $2 billion to continue producing third-generation standard missiles (SM-3), a guided air- and sea-launched projectile designed to destroy enemy ballistic missiles, Raytheon announced in a press release on Monday
WASHINGTON (Pakistan Point News / Sputnik - 30th March, 2020) The US Missile Defense Agency inked a five-year deal worth more than $2 billion to continue producing third-generation standard missiles (SM-3), a guided air- and sea-launched projectile designed to destroy enemy ballistic missiles, Raytheon announced in a press release on Monday.
"Raytheon Company (NYSE: RTN) will produce and deliver SM-3 Block IB interceptors under a $2.1 billion, multi-year US Missile Defense Agency contract. It is the first multi-year contract for the SM-3 program, and covers fiscal years 2019-2023," the release said.
SM-3 is the only ballistic missile interceptor that can be launched on land and at sea. It is deployed worldwide and has achieved more than 30 exoatmospheric, or outer space, intercepts against ballistic missile targets, the release added.
The Block IB variant achieved full-rate production in 2017. Raytheon has previously delivered more than 400 SM-3 rounds over the lifetime of the program, according to the release.
