Raytheon to help develop missile interceptor for Israel

Raytheon will work with Haifa-based Rafael Armament Development Authority to develop the interceptor.

"The threat is really Iranian power projection out of Lebanon and Syria," said Adam Cherrill, manager of business development for Raytheon's advanced missile defense programs.

The Raytheon-Rafael team was selected over a team made up of Boeing Co. and Israel Aircraft Industries Ltd., Cherrill said.

The developmental program for the Israel Missile Defense Organization is expected to result in a contract of up to $250 million by early next year, Cherrill said.