ARLINGTON, Va., Aug. 11, 2014 /PRNewswire/ -- ATK (NYSE: ATK), a world leader in precision-guided weapons, missile products and rocket motors, has been awarded a contract valued at $96.2 million by the U.S. Navy for the third full-rate production lot of the Advanced Anti-Radiation Guided Missile (AARGM). The contract covers AARGM and Captive Air Training Missiles for the U.S. Navy and Italian Air Force.
"AARGM continues to provide significant advanced capabilities to those who protect our nation each and every day," said Bill Kasting, vice president and general manager of ATK's Defense Electronic Systems division. "We look forward to continuing to provide this critical weapons system on schedule and on budget to the U.S. Navy and our allies."
AARGM is a supersonic, air-launched tactical missile system, upgrading legacy AGM-88 HARM systems with advanced capability to perform Destruction of Enemy Air Defense missions. AARGM provides the most advanced system for pilots, with in-cockpit, real-time electronic order of battle situational awareness against today's modern surface-to-air threats. It is able to rapidly engage traditional and advanced land- and sea-based air-defense threats, as well as non-radar, time-sensitive strike targets.
AARGM is currently deployed with the U.S. Navy and U.S. Marine Corps. AARGM achieved Initial Operational Capability in July 2012 and was approved by the Navy for Full Rate Production in September 2012. AARGM is a U.S. Navy and Italian Air Force international cooperative major acquisition program with the U.S. Navy as the executive agent. AARGM is currently deployed on U.S. FA-18C/D Hornet aircraft and is being integrated for use on the U.S. Navy's EA-18G Growler and FA-18 E/F Super Hornet aircraft, as well as the Italian Air Force's Tornado ECR aircraft. The missile is also compatible with the F-35, EA-6B, allied FA-18, and U.S. and allied F-16.
ATK is an aerospace, defense, and outdoor sports and recreation company with operations in 21 states, Puerto Rico, and internationally. News and information can be found on the Internet at www.atk.com, on Facebook at www.facebook.com/atk, or on Twitter @ATK.
Certain information discussed in this press release constitutes forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Although ATK believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be achieved. Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Among those factors are: changes in governmental spending, budgetary policies and product sourcing strategies; the company's competitive environment; the terms and timing of awards and contracts; and economic conditions. ATK undertakes no obligation to update any forward-looking statements. For further information on factors that could impact ATK, and statements contained herein, please refer to ATK's most recent Annual Report on Form 10-K and any subsequent quarterly reports on Form 10-Q and current reports on Form 8-K filed with the U.S. Securities and Exchange Commission.
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