The contract is worth more than $92.2 million, the British Ministry of Defense said.
"The contract is for Paveway IV, which is among the most advanced precision bombs in the world and considered the backbone of the (British air force's) bombing capability," it said.
"The contract has been awarded to Raytheon UK and will sustain some 450 jobs in advanced weapons manufacturing at its plants in Glenrothes, Scotland and Harlow, Essex."
Additional jobs will be sustained by subcontractors, the company said.
Paveway IV features global positioning system technology and laser guidance. The British version has a mechanism that prevents it from detonating unless it strikes its intended target.
"The Paveway IV bomb has been proven in combat in Afghanistan, where it continues to equip RAF Tornados, and in operations in support of the UN over Libya," said Minister for Defense Equipment, Support and Technology Peter Luff.
Notable deaths of 2014 [PHOTOS]
New Navy sub ready for outfitting, testing