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.