Australia Buys 200 Tomahawk Cruise Missiles From US

Australia has entered into a deal with the U.S. to acquire more than 200 Tomahawk cruise missiles as a step to boost its military capabilities.

The Tomahawk missiles, costing about A$1.3 billion, have a range of 1500 kilometres.

Australia will become one of only three nations to have a Tomahawk long-range strike capability when it purchases more than 200 of cruise missiles from the U.S. for the Royal Australian Navy’s Hobart-class destroyers.

The missiles, in the ship-launched versions, are manufactured by the aerospace and defense conglomerate  RTX Corp RTX, according to a report from Reuters.

The report noted that the announcement comes days after the U.S. approved the sale of M142 High Mobility Artillery Rocket Systems (HIMARS) for $975 million to Australia.

The report specified that the country has ramped up the efforts to acquire advanced military technology in the wake of China’s biggest military build-up since the end of World War Two.

Earlier in 2023, Australia and the U.S. agreed to develop a nuclear-powered submarine fleet.

Price Action: RTX shares closed higher by 0.76% at $85.80 on Friday.