TUCSON, Ariz., June 7, 2016 /PRNewswire/ -- Raytheon Company (NYSE: RTN) and Aerojet Rocketdyne, a subsidiary of Aerojet Rocketdyne Holdings, Inc. (NYSE: AJRD) have entered into a new Strategic Sourcing Agreement. Under the SSA, Aerojet Rocketdyne will act as a principal and long-term supplier of its legacy portfolio of propulsion systems and energetics products for key weapons programs.

"This landmark agreement is an important step forward in collaboration between industry partners and the U.S. Government to achieve the objectives of Better Buying Power 3.0," said Raytheon Missile Systems President Dr. Taylor W. Lawrence. "To realize the benefits of this agreement, industry and the U.S. Government must alter their historic way of doing business – that will result in significant taxpayer savings."

As part of the agreement, the two companies will jointly pursue affordability initiatives through 2019.

"We are Raytheon's partner on some of the most important propulsion systems for our nation's warfighters and national defense programs," said Aerojet Rocketdyne CEO and President Eileen Drake. "This agreement expands our long-term relationship with Raytheon and is a direct result of our commitment to deliver quality products on schedule, while remaining firmly focused on affordability."

In 2015, Raytheon presented Aerojet Rocketdyne with an Award for Excellence in Affordability during a supplier conference in Boston, Massachusetts.

About Aerojet Rocketdyne
Aerojet Rocketdyne is an innovative company delivering solutions that create value for its customers in the aerospace and defense markets. The company is a world-recognized aerospace and defense leader that provides propulsion and energetics to the space, missile defense and strategic systems, tactical systems and armaments areas, in support of domestic and international markets. Additional information about Aerojet Rocketdyne can be obtained by visiting our websites at www.Rocket.com and www.AerojetRocketdyne.com.

About Raytheon
Raytheon Company, with 2015 sales of $23 billion and 61,000 employees, is a technology and innovation leader specializing in defense, civil government and cybersecurity solutions. With a history of innovation spanning 94 years, Raytheon provides state-of-the-art electronics, mission systems integration, C5I™ products and services, sensing, effects, and mission support for customers in more than 80 countries. Raytheon is headquartered in Waltham, Mass. Visit us at www.raytheon.com and follow us on Twitter @Raytheon.

Media Contact
John B. Patterson
+1.520.794.4559
rmspr@raytheon.com  

Aerojet Rocketdyne
Contact:
Glenn Mahone
202.302.9941
Glenn.Mahone@Rocket.com

SOURCE Raytheon Company