Navy awarded $22.9B contract to Raytheon to accelerate Tomahawk missile production

On Monday, acting Navy Secretary Hung Cao announced that the U.S. Navy awarded a $22.9 billion contract to Raytheon to accelerate production of Tomahawk missiles amid a munitions shortage in the months after the start of the Iran war.

The contract "reinforces the Department's commitment to rebuilding the defense industrial base and ensuring Navy and Marine Corps forces remain equipped with the advanced weapons required to maintain maritime superiority," the Navy said in a statement.