U.S. Army Loitering Attack Missile $1.1 billion contract let

NetFires LLC, a partnership between defense contractors RAYTHEON
CO. and LOCKHEED MARTIN CORP., won a U.S. Army missile launch
system contract worth $1.1 billion over the next 6 years, the
companies said on Monday. The company will design and develop a
system comprising a "loitering attack" missile, a "precision
attack" missile and a container launch unit. Raytheon and
Lockheed will share the contract evenly, the companies said in
a release. Lockheed will oversee the loitering attack missile,
which searches an area using laser radar and automatic target
recognition. The so-called LAM can linger as long as 30 minutes
and relay the exact location of targets without discharging.
Raytheon will develop the precision attack missile, which uses
a solid rocket motor, a laser seeker and a multimode warhead.
Lockheed and Raytheon will work together on the launch unit.
(Reuters 05:01 PM ET 03/22/2004)

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