May 28, 2022 - World
U.S. awards $624 million contract to replenish Stinger missile stock
The U.S. Army awarded Raytheon Technologies a $624 million contract to produce 1,300 Stinger anti-aircraft missiles to replenish its stock after sending around 1,400 of the missile systems to Ukraine in response to Russia's unprovoked invasion.
Why it matters: U.S. lawmakers voiced concerns in April that the diversion of Stinger and Javelin anti-tank missiles to Ukraine could leave the U.S. militarily vulnerable and called on President Biden to replenish supplies.
- U.S. allies, such as Germany, also sent Stinger systems to Ukraine to help thwart Russian air assaults throughout the invasion.
The big picture: Raytheon said in a release Friday that the contract is being funded through the $40 billion military and humanitarian aid package that Congress passed for Ukraine this month.
- Greg Hayes, chief executive of Raytheon, said during an earnings call in April that increasing the production of these missiles "is going to take us a little bit of time."
- The company said Friday that the contract includes "provisions for engineering support, as well as the test equipment and support needed to address obsolescence, modernize key components and accelerate production."
Go deeper: The latest on Russia's invasion of Ukraine