WASHINGTON (AFX) - The Army on Monday announced that it has awarded Raytheon Co. a nearly $39 million contract for long-range advance scout surveillance systems.
The system provides troops with the ability to detect, identify and locate distant targets without putting themselves within direct fire range of the threat, according to Raytheon.
The contract is a modification to an existing deal, and work is expected to be complete by May 31, 2008.
Shares of the nation's fifth-largest defense contractor fell 5 cents to close at $45.05 on the New York Stock Exchange.
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