Raytheon Company (RTN), a technology provider for defense, security and civil markets, Tuesday said it received a $115.9 million contract during the first quarter, to provide engineering services for the Patriot Air and Missile Defense System. Pursuant to the contract issued by U.S. Army Aviation and Missile Command, Redstone Arsenal, Ala., Raytheon will provide systems analysis, software development, testing and logistics support, and other country-specific system requirements.
In a separate statement, Raytheon said that a U.S. Middle East security partner moved one step closer to gaining an enhanced ballistic missile defense capability when it completed the redesign of eight circuit card assemblies for a Foreign Military Sales (FMS) AN/TPY-2 radar. The new cards will be inserted into all new AN/TPY-2 radars Raytheon produces, and it is comprised of advanced capabilities within the original components absent when Raytheon delivered the first AN/TPY-2 in 2004.
Further, Raytheon delivered the first Standard Missile-3 to the U.S. Navy from its new integration and testing facility in Huntsville, Ala., on May 23. The SM-3 missile is designed to destroy incoming short-, medium-, and intermediate-range ballistic missile threats by colliding with them in space, a concept sometimes described as hitting a bullet with a bullet, the company said in a statement.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.