ABU DHABI, United Arab Emirates, Feb. 20, 2013 /PRNewswire/ -- Raytheon Company (NYSE: RTN) received a U.S. Army fiscal year 2012 contract for the production of Excalibur Increment Ib precision-guided projectiles. The $56.6 million contract, awarded in December, marks the start of low-rate initial production (LRIP) of Excalibur Ib.
Excalibur is a 155mm precision-guided, extended-range projectile that uses GPS precision guidance to provide accurate, first round, fire-for-effect capability in any environment.
"The U.S. Army and Raytheon team worked tirelessly to take Excalibur Ib from design to production in just a few years. The Excalibur Increment Ib round was designed to improve reliability and lower unit costs while maintaining its world class precision for our warfighters," said Lt. Col. Josh Walsh, the U.S. Army Excalibur program manager. "With a radial miss distance of less than 4 meters at ranges in excess of 35 kilometers, Excalibur continues to provide maneuver commanders with an organic precision fires capability not seen before."
Future Excalibur Ib LRIP contract options through fiscal year 2016 include additional quantities to support U.S. forces' increased inventory requirements, training allocations and military sales."The threats are constantly changing, and the way we counter them must also evolve and change," said Michelle Lohmeier, vice president of Army programs at Raytheon Missile Systems. "Excalibur Ib's design flexibility will allow software changes and capability improvements in response to future warfighter needs." About Excalibur
- Excalibur Ib deliveries to the Army are scheduled to begin in the last quarter of 2013.
- When compared with other artillery rounds, Excalibur's precision provides a major reduction in the mission time, cost, logistical burden and risk of collateral damage.
- Excalibur is a co-development program between Raytheon Company and BAE Systems/Bofors.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV