Raytheon makes millions from missiles

has been awarded a $142 million contract for production of Standard Missile-2 (SM-2) for the US Navy.

Raytheon will deliver 75 Block IIIB missiles, 80 Block IIIB conversion kits, telemeters, spare parts, rocket motors and missile maintenance support. Work on the contract will be performed at Raytheon's Missile Systems business in Tucson, Arizona, and Camden, Arkansas.

The SM-2 Block IIIB, which entered the fleet in 1998, incorporates a side-mounted infrared seeker to guide the missile to its target.

Standard Missile has been the US Navy's primary surface-to-air fleet air defence weapon for more than three decades. SM-2 is operational on guided missile cruisers, destroyers and frigates in the US Navy and is used by 13 allied navies.