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Raytheon Company has been awarded a $58 million contract to upgrade Patriot air defense missile.

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Raytheon Company (NYSE: RTN) has been awarded a $58.2 million contract for Patriot Guidance Enhanced Missile-Tactical, or GEM-T, missiles. The U.S. Army Aviation and Missile Command (AAMCOM), Redstone Arsenal, Ala., issued the contract to upgrade 124 Patriot Advanced Capability-2 missiles to the configuration. This is a follow-on contract issued as part of AAMCOM's Patriot missile continuous technology refreshment program initiated in 2000. "Patriot is combat proven and trusted by 12 nations around the globe, and the continuing upgrades speak to the critical role Patriot plays in those countries' air and missile defense capabilities," said Sanjay Kapoor, vice president for Patriot Programs at Raytheon Integrated Defense Systems (IDS). The upgrades will improve performance against tactical ballistic and cruise missiles. In addition, select components will be replaced to extend the reliability and service life of the missiles. Work under this contract will be performed at the Raytheon IDS Integrated Air Defense Center, Andover, Mass.Raytheon Company has been awarded a $58 million contract to upgrade Patriot Guidance Enhanced Missile-Tactical, or GEM-T, missiles.

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