(RTTNews) – Monday, Raytheon, a business of RTX Corporation (RTX), announced that it has secured a $22.9 billion contract to accelerate the production of Tomahawk cruise missiles for the U.S. Navy as part of the Department of War’s Arsenal of Freedom.
With this seven-year contract, RTX will increase capacity and collaborate closely with hundreds of small and mid-sized suppliers nationwide to rapidly scale output to meet long-term needs.
The contract also supports the annual production ramp to more than 1,000 Tomahawk missiles and associated support.
In pre-market hours, RTX is trading at $225.44, up 1.12 percent on the NYSE.