Raytheon wins $170M Navy pact on Phalanx |
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Wed, 28 Feb 2007 17:15
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LOUISVILLE, Ky. (AP) - Defense contractor Raytheon Co. on Wednesday said it won a five-year, $169.9 million logistics contract to manage the spare parts for the U.S. Navy's Phalanx weapon system.Phalanx is a rapid-fire, computer-controlled radar gun system. More than 30,000 individual system parts are warehoused in Louisville, where Raytheon will work with the United Parcel Service to guarantee delivery of spares to drop points within an agreed-to time frame.The contract applies to the U.S. Navy and the more than 20 international navies that have Phalanx in their inventories, according to Raytheon.Shares of Raytheon added 46 cents to $53.50 in morning trading on the New York Stock Exchange. Shares of UPS gained 31 cents to $70.53 on the NYSE in morning trading.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Raytheon wins 5-year 169.9 mln usd contract from US Navy 