Raytheon lands up to $6.3B US military SM-3 interceptor contract
Business
Raytheon just scored a contract worth up to $6.3 billion from the US military to build and maintain Standard Missile-3 Block IB interceptors.
With conflicts in the Middle East draining the Pentagon's missile reserves, these interceptors are seen as key for defending against certain ballistic missile threats.
Raytheon deal follows $24.4B October contract
This deal follows a huge contract worth up to $24.4 billion in October, showing how the US is doubling down on weapons production, a move pushed during the Trump era.
Raytheon is ramping up its factories in Arizona and Alabama to meet demand, but there is some industry worry that funding delays could slow things down just when speedy upgrades are needed most.