Lockheed, Raytheon Win Contracts for New Nuclear Cruise Missile
- Boeing left out in contest for successor to its weapon
- Long-Range Standoff Missile seen valued at $10 billion
Displays of missiles stand atop of the Raytheon International Inc. stand on the second day of the Farnborough International Airshow 2016 in Farnborough, U.K.
Photographer: Luke MacGregor/BloombergThis article is for subscribers only.
Lockheed Martin Corp. and Raytheon Co. were picked by the U.S. Air Force to begin development of a new nuclear cruise missile for long-range bombers, while Boeing Co. was shut out of the effort to replace its aging weapon that’s in use today.
The initial contracts of about $900 million each are for a 54-month phase to refine designs and prove out technologies for the Long-Range Standoff missile, Captain Emily Grabowski, an Air Force spokeswoman, said in a statement Wednesday.