Raytheon Missiles and Defense have been awarded a $14.4m order against a ten-year contract for Patriot missile parts.
Featuring no option periods, the three-year agreement will be serviced by the US Army and is expected to be completed by 17 February 2026.
Raytheon Missiles and Defense, a subsidiary of Raytheon Technologies, was awarded the contract by the Defense Logistics Agency Aviation, based at Redstone Arsenal, Alabama, US.
The Patriot missile is a surface-to-air system designed to intercept and destroy incoming enemy missiles and aircraft. It is one of the world’s most widely used missile defence systems, with more than ten countries currently using it.
Within the continent of Europe, countries such as Romania, Netherlands, and Switzerland have procured the surface-to-air Patriot missiles from the US. Traditional export allies such as Taiwan and Saudi Arabia have also procured the missile from the US.
Raytheon Missiles and Defense have been a significant supplier of the Patriot system for decades, and this contract further cements its position as a leading provider of missile defence solutions.
The contract will enable the company to continue providing critical support to the US Army’s missile defence capabilities. The company has a proven track record of delivering products and services and is committed to meeting the army’s requirements for the Patriot missile system.
In Q4 2022, Raytheon reported a 4% net sales increase last year. In 2023, the company expects sales to be between $72bn and $73bn, with an anticipated free cash flow of nearly $4.8bn.