The U.S. Navy awarded Raytheon Company a $66.6 million firm-fixed-price contract for fiscal year 2016 for Rolling Airframe Missile (RAM) Block 2 guided missile round pack requirements. This contract includes options which, if exercised, would bring the cumulative value to $142.8 million, and includes an option for foreign military sales to an international customer. RAM is a cooperative program between the U.S. and German governments with industry support from Raytheon and RAMSYS of Germany.

The contract calls for production work to be shared between both companies. Work outlined in the contract is expected to be completed by February 2018. The contract was awarded in the fourth quarter of 2015, on Dec.

31, 2015.