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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