Lockheed and Raytheon receive Paveway II contract extension

WASHINGTON, May 10 (UPI) -- The U.S. Air Force announced Monday that a $650 million contract extension for Paveway II laser-guided bomb production had been awarded to Lockheed Martin Missiles and Fire Control and Raytheon Missile Systems.

The combined contract modification provides a five-year contract extension on the work. Work will be performed at locations identified in particular task orders, with an expected completion date of July 2023.

Paveway laser-guided bombs have converted so-called "dumb" bombs into precision guided munitions, and they made up more than half of all air-to-ground precision guided weapons used in Operation Iraqi Freedom.