Raytheon Co. has reached a $2.1 billion multiyear contract with the U.S. Missile Defense Agency to build SM-3 Block IB ballistic missile interceptors through 2023.
The SM-3 is the only ballistic missile interceptor that can be launched on land and at sea, Raytheon said.
The company already has delivered more than 400 rounds for the program. Full-rate production has been ongoing since 2017.
"This procurement deal is a win-win for government and industry," said Mitch Stevison, Raytheon Strategic and Naval Systems vice president, in a statement.