WASHINGTON (dpa-AFX) - Raytheon, a unit of aerospace and defense company RTX Corporation (RTX), on Tuesday said it is working with European companies, including Diehl Defence, to double Stinger missile production amid rising global demand.
Under the production expansion plan, Diehl Defence will produce the guidance section, a key component of the Stinger missile, and source related parts from across Europe. Raytheon is also working with suppliers in the Netherlands to manufacture additional major components, with final assembly and testing to be completed in the country.
Raytheon said the increased production capacity in Europe will support future work with the NATO Support and Procurement Agency (NSPA) to meet regional demand.
The Stinger is a lightweight, portable air defense missile system used by 24 countries, including 10 NATO members.
'We are laser-focused on doubling our Stinger missile production capacity,' said Tom Laliberty, president of Land & Air Defense Systems at Raytheon. 'Expanding Stinger production in Europe strengthens our industrial base and broadens our global network, ensuring our allies have reliable access to this critical air defense capability.'
RTX shares were up about 1% in pre-market trading after closing at $201.37 on Monday.
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