Washington, Oct. 2 -- The US Navy has secured an agreement with Raytheon valued at up to USD 24.4 billion, focused on ramping up manufacturing rates for Standard Missile-6 interceptors, forming part of a broader push by the Pentagon to scale up critical munition production and bolster defence reserves.

The five-year contract, featuring a pair of supplementary option years, aims to elevate throughput and grant the defence sector extended clarity to broaden manufacturing operations, according to a Pentagon statement issued on Thursday.

The SM-6 serves as a versatile, multi-role munition deployed across anti-aircraft operations, anti-surface engagements and missile defence tasks.

"Our mission is to ensure our warfighters never enter a fai...