Aerojet has won a $4.96 million contract from the U.S. Navy's Strategic Systems Programs to develop a rocket motor over the next year for the Navy's new Submarine Launched Intermediate Range Ballistic Missile, the Sacramento Business Journal reported Monday.

The newspaper described the SLIRBM as "a medium-range ballistic missiles to be launched from submarines" and "a next-generation armament intended to deliver a payload to a target as far as 1,100 miles away within 15 minutes of launch."

The paper said the Navy "appeared to have dropped plans to equip the missile system to carry either conventional or nuclear weapons, and that it now is envisioned as a conventional-strike weapon, which could be fired from the same subs as sea-launched Tomahawk cruise missiles. "

Source: United Press International