As the U.S. war on Iran continues to draw down weapons stockpiles, aerospace giant Raytheon on Monday secured a multiyear contract valued at up to $20.7 billion to speed production of the Advanced Medium-Range Air-to-Air Missile, known as AMRAAM.
The deal runs for five years and includes two option years, which allow the government to extend the contract without new talks. The Department of War awarded it under its Arsenal of Freedom effort.
Raytheon parent company RTX said the contract follows a landmark agreement announced earlier this year that supports annual production of at least 1,900 of the missiles.
Raytheon President Phil Jasper said in a press release that the company is investing heavily to increase production “and meet surging demand from the U.S. Air Force, Navy and our international partners.” …