Raytheon Beats Lockheed, Northrop for Navy Radar Contract
Raytheon Co. (RTN) beat out Lockheed Martin Corp. (LMT) and Northrop Grumman Corp. (NOC) for a contract that could be worth as much as $1.6 billion to design and build air and missile defense radars for the Navy’s newest DDG-51 destroyers, the service announced today.
Raytheon was awarded a $386 million contract to build and test engineering development models, with an option for procurement of as many as nine radars that would bring the contract’s total to $1.6 billion, the Navy said in a statement.
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