TUCSON, Ariz., 6 March, 2012. The U.S. Army awarded Raytheon Co. (NYSE: RTN) a $79.2 million contract to develop a system that will detect and destroy incoming rockets. The solution is called the Accelerated Improved Intercept Initiative (AI3). Development will culminate in a demonstration in 18 months, followed by low rate initial production.
Raytheon will develop and demonstrate the intercept of rockets in flight with the AI3 Battle Element, consisting of an interceptor, which Raytheon will develop, and a government furnished launcher, fire control system, and command and control system.
Development of the interceptor is to begin immediately, and Raytheon will serve as a mission systems integrator for the other elements of the system.
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