Raytheon and Thales modify ThalesRaytheonSystems joint venture structure
Scope to focus exclusively on NATO Air Command and Control System, Theatre and Ballistic Missile Defense
WALTHAM, Mass., July 1, 2016 /PRNewswire/ -- Raytheon Company (NYSE: RTN) and Thales (Euronext Paris: HO) have reached an agreement and concluded the transaction to transition the stakeholder positions they each hold in the ThalesRaytheonSystems joint venture structure – TRS LLC US Operations and TRS SAS French Operations.
The ThalesRaytheonSystems joint venture has been restructured to focus solely on NATO agencies and NATO member nations for the delivery of the Air Command and Control System, Theatre Missile Defense, and Ballistic Missile Defense (ACCS). Moving forward:
- The ground-based radars and non-ACCS-related air command and control systems currently within the joint venture portfolio will transition to their parent companies.
- The former TRS LLC – US Operations is now a wholly-owned subsidiary of Raytheon, Raytheon Command and Control Solutions.
- The former TRS SAS – French Operations is now a wholly-owned subsidiary of Thales.
Company structure transitions are effective immediately.
As a result of the transaction, Raytheon made a cash payment to Thales in the amount of $90M and will be recording a tax free gain of approximately $150M in its second quarter financial results.
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, C5ITM products and services, sensing, effects, and mission support for customers in more than 80 countries. Raytheon is headquartered in Waltham, Mass. Follow us on Twitter.
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