March 26 (UPI) -- Raytheon Missile Systems announced Thursday that it has made a $1 billion, five-year strategic deal to buy propulsion systems from Aerojet Rocketdyne for Standard Missile projects.
"Moving to multi-year, rather than annual-year contracting enables Raytheon and its supply chain to deliver even more value to our Missile Defense Agency and U.S. Navy customers, and the taxpayer," said Eugene Jaramillo, Raytheon Missile Systems vice president of Global Supply Chain Management. "These multi-year agreements also allow our suppliers to transform the way they do business with Raytheon."