The Tucson Airport Authority (TAA) in the US has authorised a new lease agreement with Raytheon Missile Systems.
TAA also voted to exercise the option to extend the airport’s lease and agreement with the the City of Tucson to 14 October 2098.
Under the terms of the agreement, Raytheon will be able to expand its operations at the airport.
TAA president and CEO Bonnie Allin said: "The Tucson Airport Authority couldn't be more excited that our 65-year partnership will continue with this commitment from Raytheon to expand and grow in our region.”
As part of the new agreement, Raytheon will receive an additional 21 acres of land and its nine existing leases with TAA will be consolidated.
The new lease will initially last for a period of 30 years, and offers an extension option for an additional 30 years.
In order to accommodate the potential 60-year lease extension, the TAA also agreed to exercise the option to extend its lease and operating agreement with Tucson to 2073.
Raytheon plans to add nearly 2,000 jobs as part of its expansion, which is expected to generate an economic impact of $7.9bn over the next ten years.