New laser-guided Maverick air-to-surface missiles are set for Raytheon's production line under a $49.5 million contract from the U.S. Navy.

The new enhanced missile, designated the AGM-65E2/L, was developed by Raytheon as a result of a joint U.S. Air Force and Navy program.

Among its features are: a digital laser seeker; new software that reduces the risk of collateral damage; advanced flight algorithms for improved performance in a variety of operational situations; and compatibility with F/A-18, AV-8B, F-16 & A-10C aircraft.

"The enhanced Laser Maverick provides the U.S. warfighter with even greater capabilities that will meet today's and tomorrow's threats," said Mike Jarrett, Raytheon Air Warfare Systems vice president. "This is the latest step for this impressive weapon as we continue to work to ensure that future requirements are met."

Raytheon said the Navy contract contains an option for additional missiles, which if exercised would bring the total contract value to $54.9 million.