Raytheon Gets $1 Billion Contract From US Navy

Raytheon Company (NYSE: RTN) disclosed that it has been awarded a $1 billion sole-source contract for Engineering and Manufacturing Development by the United States Navy. The company stated that it was for Increment 1 of the Next Generation Jammer, which was the advanced electronic attack technology that integrates high-powered, agile, beam-jamming techniques with cutting-edge, solid-state electronics.Raytheon said that it would deliver 15 Engineering Development Model pods for mission systems testing and qualification, apart from 14 aeromechanical pods for airworthiness certification. The company said that the NGJ contract covered designing and delivering simulators apart from prime hardware to government labs support.The company's President for Space and Airborne Systems, Rick Yuse, said that "This is a significant milestone for electronic warfare". He continued to comment that "NGJ is a smart pod that provides today's most advanced electronic attack technology, one that can easily be adapted to changing threat environments. That level of sophistication provides our warfighters with the technological advantage required to successfully prosecute their mission and return home safely."