Raytheon awarded $74 million U.S. Navy contract

• The majority of work under this contract will be performed in Louisville,
• This contract marks the largest single order of U.S. RAM launchers in over two decades
• Raytheon will provide several new launcher systems

Raytheon, an RTX (NYSE: RTX) business, was awarded a $74 million contract to produce RAM Guided Missile Launching Systems (GMLS) for the U.S. Navy.

Under the contract, Raytheon will provide several new launcher systems, refurbishments on current systems, and hardware required to support upgrades, as well as various spares.

"This contract marks the largest single order of U.S. RAM launchers in over two decades and will ensure our naval assets remain well-protected against anti-ship threats," said Barbara Borgonovi, president of Naval Power at Raytheon. "Our continued investment in modernising production capacity enables us to meet the growing global demand for the world's most modern short-range ship self-defence weapon system."

Celebrating its 50th anniversary next year, the RAM weapon system – which consists of the RAM launcher and missiles – is a bilateral partnership between the U.S. and Germany with Raytheon serving as a prime contractor for U.S. Navy requirements. The system is currently deployed on more than 165 ships in 11 countries, ranging from fast patrol boats to aircraft carriers, and is being installed on several new U.S. Navy ship classes, including the Arleigh Burke class of guided-missile destroyers.

The majority of work under this contract will be performed in Louisville, Kentucky and is expected to be completed by 2028.