Raytheon Missile Systems is expanding its Louisville, Kentucky operation and will add 30 new full-time jobs and invest more than $3 million in the Commonwealth.

The missile and weapon manufacturer, which has operated in Louisville since 1996, currently employs 335 full-time workers. The company plans to lease an additional 25,000 square feet at its existing 327,000 square-foot facility to increase its production rate of retrofitting and modifying weapon systems for the U.S. Army and Navy.

"We are very excited to be able to hire new employees for well-paying jobs," said Ed Givan, general manager for Raytheon's Louisville facility, in a press release. "It's good for Raytheon, it's good for Louisville and Kentucky, and most importantly it's good for the people we hire."

The Kentucky Economic Development Finance Authority preliminarily approved Raytheon Missile Systems for tax incentives up to $500,000 through the Kentucky Business Investment program. The incentive can be earned over a 10-year period through corporate income tax credits and wage assessments. The maximum annual approved amount to be earned by Raytheon Missile Systems is $50,000.