Raytheon (RTX) secures $279 million Army contract for Phalanx system

Investing.com -- Raytheon (RTX Inc.)(NYSE: RTX) has been awarded a $279.2 million contract from the U.S. Department of Defense to provide functional management support for the Land-Based Phalanx Weapon System.

The cost-plus-fixed-fee contract was awarded to Raytheon's Tucson, Arizona division after a competitive bidding process conducted via the internet, which received only one submission.

The Army Contracting Command at Redstone Arsenal, Alabama, is overseeing the contract activity, identified as W31P4Q-25-D-0024.

According to the Department of Defense announcement, specific work locations and funding details will be determined with each order under the contract. The project has an estimated completion date of July 7, 2030.

The Land-Based Phalanx Weapon System is a rapid-fire, computer-controlled defense system designed to identify, track, and engage incoming threats.

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