U.S. Navy ceases funding of extended range guided munition contract

WASHINGTON, 31 March 2008. The U.S. Navy will cease funding Raytheon's efforts under the Extended Range Guided Munition (ERGM) contract. Raytheon Corp. has been issued a letter notifying the company that in accordance with the Limitation of Funds clause of contract N00024-96-C-5204 that the Government does not plan to provide any additional funding under this cost-type contract for the continued development of ERGM.