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October 17, 2013 AT 10:02 AM
(Reuters) - Raytheon Co will be awarded a $3 billion contract to supply missile systems to the U.S. Defense Department, the agency said on Thursday. The U.S. Missile Defense Agency notified Raytheon that it will award the company, when funds are appropriated, a sole-source contract, because it is the "only source that currently possesses the in-depth technical knowledge of the system to satisfactorily perform the work." The three-year contract will cover manufacture and integration of up to 216 Standard Missile-3 SM-3 Block IB missiles, or 72 per year, starting in 2015. ...