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Tucson, Ariz., April 20, 2020 /PRNewswire/ -- The U.S. Air Force announced plans to continue with Raytheon Missiles & Defense, a business of Raytheon Technologies (NYSE: RTX), on the development of the Long-Range Standoff (LRSO) cruise missile, a strategic weapon that will replace the service's legacy Air-Launched Cruise Missile. Raytheon Missiles & Defense, a business of the newly formed Raytheon Technologies, was formed on a foundation of advanced innovation and excellence in engineering. "LRSO will be a critical contributor to the air-launched portion of America's nuclear triad," said Wes Kremer, president of Raytheon Missiles & Defense. "Providing a modernized capability to the U.S. Air Force will strengthen our nation's deterrence posture." In 2017, the U.S. Air Force awarded Raytheon and Lockheed Martin contracts for the Technology Maturation and Risk Reduction (TMRR) phase of the program. The Raytheon Missiles & Defense LRSO team recently passed its preliminary design review and is on track to complete the TMRR phase of the defense acquisition process by January 2022. Contract negotiations for the engineering and manufacturing development phase, with a strong focus on schedule realism, affordability, and cost-capability trades, will start in fiscal year 2021. The contract award is anticipated in fiscal year 2022. To view the U.S. Air Force's announcement, click here. About Raytheon Technologies Raytheon Technologies Corporation is an aerospace and defense company that provides advanced systems and services for commercial, military and government customers worldwide. With 195,000 employees and four industry-leading businesses ― Collins Aerospace Systems, Pratt & Whitney, Raytheon Intelligence & Space and Raytheon Missiles & Defense ― the company delivers solutions that push the boundaries in avionics, cybersecurity, directed energy, electric propulsion, hypersonics, and quantum physics. The company, formed in 2020 through the combination of Raytheon Company and the United Technologies Corporation aerospace businesses, is headquartered in Waltham, Massachusetts. Media Contact Tara Wood C: 520.247.5630 Tara_woods@rtx.com View source version on Raytheon Company: http://raytheon.mediaroom.com/2020-04-20-US-Air-Force-selects-Raytheon-Missiles-Defense-to-develop-Long-Range-Standoff-weapon