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Raytheon, an RTX Corp. (NYSE:RTX) business, was awarded a $1.2 billion contract to supply Germany with additional Patriot air and missile defense systems.
The company did not specify the number of missiles that are included in the contract.
The deal is said to provide the most current Patriot Configuration 3+ radars, launchers, command and control stations, associated spares and support.
“Patriot remains the tried-and-true stalwart of air and missile defense, relied upon by our global customers to deter aggression and defend their interests,” Tom Laliberty, Raytheon’s president of land and air defense systems, said in a statement.
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“With each additional Patriot system, Germany is enhancing its own air defenses and strengthening NATO’s defense posture.”
Raytheon has landed this contract as Ukrainian President Volodymyr Zelenskyy asked the 32-member North Atlantic Treaty Organization for more air defense systems, F-16 jets and further security guarantees at a summit in Washington.
Zelenskyy arrived in Washington on Monday evening, the same day that Russia released a barrage of missiles on Ukraine that destroyed numerous buildings throughout the country, including Ukraine's largest children’s hospital, and killed three dozen people.
Price Action: RTX saw a modest gain by Thursday’s mid-morning trading, while other U.S. missile manufacturers that have supplied munitions to Ukraine gave mixed reactions.
RTX ticked up 0.69% to $101.37. Lockheed Martin Corp (NYSE:LMT) slipped 0.18% to $460.16 and Northrup Grumman Corp (NYSE:NOC) gained 0.85% to $429.86. ITA
Aerospace and defense exchange-traded funds trended upward on Thursday. iShares U.S. Aerospace & Defense ETF (BATS:ITA) edged up 0.39 and Invesco Aerospace & Defense ETF (NYSE:PPA) rose 0.52%. SPDR S&P Aerospace & Defense ETF (NYSE:XAR) gained 0.84%.
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