Benzinga | Jul 8, 2021 03:48PM EDT

Raytheon Technologies Secures $171.6M Contract, Begins Next Generation Jammer Mid-Band Production

* Raytheon Technologies Corp (NYSE:RTX) business Raytheon Intelligence & Space has been awarded a $171.6M contract for Low-Rate Initial Production Lot I, or LRIP I, of the U.S. Navy's Next Generation Jammer Mid-Band.

* NGJ-MB is the Navy's advanced electronic attack system that offensively denies, disrupts, and degrades enemy technology, including air-defense systems and communications. NGJ-MB to increase the survivability and lethality of fourth-and fifth-generation fighters, making naval aviation that much more effective.

* This award follows last week's Milestone C decision, advancing the program into the production and deployment phase.

* Price Action: RTX shares are down 0.86% at $85.09 on the last check Thursday.