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TUCSON, Ariz. - A joint venture of defense companies Raytheon Co. and Lockheed Martin Corp. received a U.S. Army contract valued at $298.6 million to provide support for the Javelin anti-tank missile and command launch unit.
The five-year contract, including $34.9 million in funding for fiscal 2009, requires the joint venture to provide depot spares, repair support, training and data.
"We are extending the lifetime of our products through upgrades, while supporting the warfighter with training services and technical support," said Duane Gooden, Raytheon's Javelin program director and president of the joint venture.
Waltham, Mass.-based Raytheon had sales of $23.2 billion last year, while Bethesda, Md.-based Lockheed posted sales of $42.7 billion.
Shares of Raytheon rose 15 cents to $42.42 in morning trading. Lockheed Martin shares fell 44 cents to $77.84.
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