U.S. defense company Raytheon Co. subsidiary Raytheon Missile Systems Co. secured a Standard Missile-3 IIA contract worth $1.02 billion.

Raytheon will provide the management, material and services for the manufacturing of 62 Standard Missile-3 Block IIA All-Up Rounds, inclusive of all options.

Work under the U.S. Missile Defense Agency-awarded contract, which represents a modification bringing the cumulative value of the contract to $2.49 billion, is expected to complete by March 2025.

The SM-3 interceptor is a defensive weapon the U.S. Navy uses to destroy short- to intermediate-range ballistic missiles.