"Raytheon Missile Systems is being awarded a $617,633,351 fixed-price-incentive firm, firm-fixed-price and cost-plus-fixed-fee contract for procurement of fiscal 2017 Standard Missile-2 full-rate production requirements and spares for US and Allied Foreign Navies," the release said on Friday. "The cumulative value of the contract, if all options are exercised, is $652,778,666."
The Defense Department stated the contract includes foreign military sales to Japan, Australia, Netherlands and South Korea.
The Standard Missile 2 is the Navy's primary surface-to-air defense weapon and an integral part of the AEGIS weapon system carried on board Ticonderoga-class cruisers, Arleigh Burke-class destroyers and equivalent foreign navy warships.
The Standard Missile-2 is deployed for fleet area air defense and ship self-defense, according to the Defense Department.