The Air Force has awarded Raytheon [RTN] a $24 million competitive contract to deliver laser-guided bomb kits, the company said yesterday.

The Paveway II components are designed to transform “dumb” bombs into precision-guided weapons and make up the largest share in the Air Force’s inventory for combat operations, Raytheon said. Lockheed Martin [LMT] was the other bidder for the contract.

The company’s Paveway family of components also includes GPS-guidance in addition to laser guidance featured on the Enhanced Paveway II, III and IV versions of the kit.

Raytheon said it won the September award because it offered the lowest price and met the Air Force’s requirements.

“Because Paveway is approved for direct commercial sales, we look forward to offering customers around the globe the same competitive pricing,” Harry Schulte, the company’s vice president of missile and air warfare systems, said.