Raytheon Technologies Corp (NYSE:RTX) announced on Monday that it was awarded a $264 million modification contract from the US Navy to produce and deliver 571 short-range AIM-9X Sidewinder missiles.
The aerospace giant noted the agreement was for a modification to a production Lot 23 contract, which was originally awarded to the defense company in December 2022.
Raytheon said it would also produce associated parts for the US Navy, US Air Force, and its foreign military sales customers, as well as provide captive air training systems, containers, related kits and support equipment for the missiles.
The company added that most of the work is expected to be completed in August 2026.
In addition, Raytheon announced during an investor day on Monday that it expects to take a $500 million charge to free cash flow due to a supply chain problem with the GTF engine made by its Pratt & Whitney subsidiary.
Arlington, Virginia-based Raytheon Technologies is the world's largest aerospace and defense company, with 180,000 employees globally and 2022 sales of $67 billion.
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