Raytheon to develop standard missile-3 block IIA missile

TUCSON, Ariz., July 25, 2012. The Missile Defense Agency awarded Raytheon Company (NYSE: RTN) a $925 million contract for development of the Standard Missile-3 Block IIA missile, which is a co-development effort between the U.S. and Japan.

The SM-3 is used by the U.S. and Japanese navies to destroy short- to intermediate-range ballistic missiles. The SM-3 Block IIA will feature a 21-inch 2nd and 3rd stage rocket motor, an advanced discrimination seeker, and a larger, more capable kinetic warhead than previous versions. The SM-3 IIA's larger rocket motors will allow for a larger defended area.

The SM-3 Block IIA is on track for a 2018 deployment date, the missile is the third evolution of the SM-3 family of missiles and builds on the successful legacy of the first two variants: SM-3 Block IA and SM-3 Block IB. The SM-3 program has achieved 21 successful intercepts and has been used in anti-satellite capacities as well.

SM-3 Block IA missiles are currently employed on Japan's Kongo-class ships. Raytheon has delivered more than 130 SM-3 variants to the U.S. and Japanese navies.