Earlier this year Australia, Japan, South Korea and the Netherlands pooled resources to make a US$650 million buy of additional SM-2 missiles through the US Foreign Military Sales.
Production, which halted in 2013, will start up again in early 2018 on a modernised and reconfigured production line designed to increase production efficiencies.
Raytheon vice-president of naval and area mission defence Todd Callahan said SM-2 provided unparalleled fleet defence for navies around the world.
“When we flip the switch on this enhanced production line, Raytheon will assemble the most advanced and affordable SM-2’s possible,” he said.
First deliveries of new missiles will occur in 2020. Production will include more than 280 SM-2 Block IIIA and IIIB missiles.
The Standard is a highly successful medium-range surface-to-air missile which has been steadily improved since the first versions were fielded in the 1960s. It can hit targets out to 90 nautical miles and as high as 65,000 feet.
Raytheon said it expected to support SM-2 well beyond 2035.