Bloomberg News

Raytheon Beats Out Lockheed, Northrop for Navy Radar Contract

October 10, 2013

Raytheon Co. (RTN:US) beat out Lockheed Martin Corp. (LMT:US) and Northrop Grumman Corp. (NOC:US) for a contract that could be worth as much as $1.6 billion to design and build air and missile defense radars for the Navy’s newest DDG-51 destroyers, the service announced today.

Raytheon was awarded a $386 million contract to build and test engineering development models, with an option for procurement of as many as nine radars that would bring the contract’s total to $1.6 billion, the Navy said in a statement.

To contact the reporter on this story: Tony Capaccio in Washington at acapaccio@bloomberg.net

To contact the editor responsible for this story: John Walcott at jwalcott9@bloomberg.net


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Companies Mentioned

  • RTN
    (Raytheon Co)
    • $102.28 USD
    • 0.57
    • 0.56%
  • LMT
    (Lockheed Martin Corp)
    • $178.8 USD
    • 1.61
    • 0.9%
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