Raytheon Bags $1.2B Foreign Military Sales Contract From US Army

Raytheon Technologies Corp RTX has secured a $1.2 billion foreign military sales contract from the U.S. Army to provide Switzerland with the Patriot air defense system.
The contract includes five Patriot fire units and a quantity of Guidance Enhanced Missiles, known as GEM-T.
With the contract, Switzerland becomes the 18th global Patriot partner and the eighth European country to choose the system as the backbone of their air defense.
The missile is proven to defeat tactical ballistic missiles, cruise missiles, and enemy aircraft.
"Designed specifically to counter today's threats, Patriot is the proven, reliable ground-based air defense capability for the U.S. Army and now 17 international countries," said Tom Laliberty, president of Land Warfare & Air Defense at Raytheon.
Raytheon will work with the Swiss industry to deliver the Patriot system.
Price Action: RTX shares are trading higher by 1.76% at $99.65 on the last check Monday.