Raytheon wins Navy order worth as much as $1.6B for radars

Raytheon (RTN) has won a booking from the Navy worth up to $1.6B to design a next-generation air and missile defense radar for Arleigh Burke destroyers starting in 2016.

Raytheon beat out Lockheed Martin (LMT) and Northrop Grumman (NOC) for the tender.

The Navy will pay $386M for the initial design contract, after which it could take up options to procure nine radars. (PR)

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