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$RTN $178.19 Lockheed, Raytheon each win $900M nuclear cruise missile contracts

Aug. 23, 2017 7:14 PM ET|By: Carl Surran, SA News Editor
Lockheed Martin (NYSE:LMT) and Raytheon (NYSE:RTN) are awarded initial contracts of $900M each by the U.S. Air Force to begin development of a new nuclear cruise missile for long-range bombers.

The initial contracts cover a four-and-a-half year phase to refine designs and prove out technologies for the Long-Range Standoff missile; the Air Force later will pick one of the contractors for full production of as many as 1,000 missiles - not all of them topped by nuclear warheads - in an acquisition phase valued at ~$10B.

The decision is a defeat for Boeing (NYSE:BA), which in the 1980s developed and fielded the AGM-86B Air Launched Cruise Missile now in use.
https://seekingalpha.com/news/3291412-lockheed-raytheon-win-900m-nuclear-cruise-missile-contracts