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Sunday, December 27, 2009

Defense Stocks News -Raytheon ( RTN)Receives $1.1 Billion Order to Advance Taiwan's Patriot Capability

Raytheon ( RTN)Receives $1.1 Billion Order to Advance Taiwan's Patriot Capability

Download image TEWKSBURY, Mass., Dec. 23, 2009 - Raytheon Company ( RTN) has received Foreign Military Sales contract awards totaling $1.1 billion to fund new production of the combat-proven Patriot Air and Missile Defense System for Taiwan. The awards include ground-system hardware through an initial contract valued at $965.6 million and an initial spares contract valued at $134.4 million.

"The Patriot system is a vital element to providing superior integrated air and missile defense capabilities for the protection of Taiwan," said Daniel L. Smith, president of Raytheon Integrated Defense Systems (IDS). "Raytheon has provided advanced technology, innovation and support in Taiwan for more than 40 years, and we are honored to continue that partnership today and in the future."

The U.S. Army Aviation and Missile Command, Redstone Arsenal, Ala., issued the contract for new-production Patriot fire units that will include new advances in technology, improved man-machine interface and reduced life-cycle costs.

Raytheon is the prime contractor for both domestic and international Patriot Air and Missile Defense Systems and system integrator for Patriot Advanced Capability-3 missiles. Work under these contracts will be performed at the Raytheon IDS Integrated Air Defense Center, Andover, Mass.; El Paso, Texas; and Huntsville, Ala. The company is supported by a global team of suppliers to the Patriot System.

Raytheon Company, with 2008 sales of $23.2 billion, is a technology and innovation leader specializing in defense, homeland security and other government markets throughout the world. With a history of innovation spanning 87 years, Raytheon provides state-of-the-art electronics, mission systems integration and other capabilities in the areas of sensing; effects; and command, control, communications and intelligence systems, as well as a broad range of mission support services. With headquarters in Waltham, Mass., Raytheon employs 73,000 people worldwide.

SOURCE Raytheon Company

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