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June 6, 2016 / 10:41 AM

Raytheon to refurbish Marine Corps vehicles

Five-year deal involves rebuilding Marine Corps vehicle engines, transmissions and electronics.

Raytheon has received a five-year U.S. Marine Corps contract worth up to $249 million to rebuild vehicle engines, transmissions and electronics, the company announced Monday. U.S. Marine Corps photo by Cpl. Anthony Quintanilla

Raytheon has received a five-year U.S. Marine Corps contract worth up to $249 million to rebuild vehicle engines, transmissions and electronics, the company announced Monday. U.S. Marine Corps photo by Cpl. Anthony Quintanilla

WASHINGTON, June 6 (UPI) -- Raytheon has been awarded a U.S. Marine Corps contract worth up to $249 million over five years to rebuild vehicle engines, transmissions and electronics, the company said Monday.

The contract is part of the service's Secondary Reparable, or SECREP, program.

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Under the program, the Marines take delivery of the refurbished items at about half the price of buying new, Raytheon said, and the savings can be re-invested into service logistics, ensuring the readiness of mission-essential vehicles.

About 1,000 various items are covered by the contract and will be serviced by a network of original equipment manufacturers, military depots and small business suppliers.

Raytheon passed about 60 percent of revenues to small businesses in previous programs, the company said.

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