RTX Corp.'s (RTX) Raytheon, Monday announced that the company has been awarded a $205 million contract from the U.S. Navy for continued production of the Phalanx Close-In Weapon System.
Under the contract, which will take place through 2029, the company would provide upgrades, conversions, overhauls, and related equipment.
Speaking about the contract, Barbara Borgonovi, president of Naval Power at Raytheon, commented, "Securing this contract underscores the trust the U.S. Navy places in an absolutely critical system."
In the pre-market hours, RTX is trading at $157.32, down 0.15 percent on the New York Stock Exchange.
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