Will deliver nine Phalanx systems for installation aboard ROK warships.
Raytheon (NYSE:RTN), one of America's premier defense contractors, is going overseas to help keep the South Korean Navy out of harm's way.
On Monday, Raytheon confirmed that late last year, it received a $123 million contract from the Republic of Korea Navy to supply the latter with nine Phalanx Block 1B Close-In Weapon Systems for installation aboard ROK FFX Batch II frigates and AOE II-class fast combat support ships.
More built and sold more than 890 Phalanx systems to the navies of 25 different nations around the globe. Deliveries of this latest batch of Phalanxes are expected to begin in 2016, and to continue through 2022.
Raytheon's Phalanx gun system. Source: Raytheon.