Aerospace and defense contractor Raytheon Co. (RTN), on Monday, said it along with Boeing Co. (BA) was awarded a $125 million contract by the US Army to develop a single missile solution for rotary, fixed wing and unmanned aircraft.
Tucson, Arizona-based Raytheon said the contract requires the Joint Air-to-Ground Missile program to develop and fire three prototype missiles with fully integrated tri-mode seekers. The program would be funded for 27-months.
The contract also requires the companies to develop a single missile solution for rotary and fixed-wing platforms and unmanned aircraft that could target moving and stationary targets at extended ranges in all weather conditions.
Raytheon said, "The goal of the Raytheon-Boeing JAGM team is to deliver an affordable, reliable and complete system solution that can be integrated into the program's six required aircraft."
The expected JAGM in-service date is 2016 and Raytheon is the prime contractor.
RTN is currently trading at $57.93, down $0.60 or 1.03%, on a volume of 0.81 million shares.
BA is currently trading at $59.75, up $0.04 or 0.07%, on a volume of 1.59 million shares.
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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.