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6/8/2012 1:31 PM ET

Raytheon Co. (RTN: Quote) Friday announced a $338 million contract awarded by the U.S Navy to build and deliver the Tomahawk Block IV cruise missiles, and provide warranties, flight test and life-cycle support.

Tomahawk Block IV is a surface and submarine-launched, cruise missile and is used for attacking a variety of surface targets. Production is scheduled to begin this year. The contract also includes replenishment of weapons used during army's operation.

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