Raytheon and AEC sign agreement at Dubai Air Show
MOU continues strong partnership to explore new opportunities together
DUBAI, United Arab Emirates (Nov. 9, 2015) – Raytheon Company (NYSE: RTN) and Advanced Electronics Company (AEC) announced today that they have entered into a Memorandum of Understanding to explore strategic teaming opportunities across a wide range of mission areas.
Raytheon and AEC have more than a 20 year history of industrial cooperation, notably on the F-15 program for Saudi Arabia.
Under the newly signed MOU, the companies envision expanding their collaboration to new defense and civil markets, and intend to explore opportunities ranging from integrated sensors, weapon systems, civil aviation, and land warfare systems, to cyber.
“AEC is a trusted and longstanding partner and we look forward to increasing our cooperative work for Saudi markets as well as possible regional and global expansion,” said John D. Harris II, Raytheon’s Vice President of Business Development and Chief Executive Officer, Raytheon International, Inc.
A principal supplier to Raytheon, AEC received a “Platinum” award in March 2015 recognizing its overall exceptional performance on its manufacturing efforts for Raytheon in support of the F-15 program. AEC is also a Preferred Supplier for Raytheon’s Strategic Enterprise Aligned Commodities initiative.
“Our partnership with Raytheon offers tremendous growth potential and we are confident that our growing partnership will enhance our Support of the Kingdom of Saudi Arabia Armed Forces, as well as grant us successful business continuity and growth in increasingly competitive international markets,” said Dr. Ghassan Al Shibl, CEO and President of AEC.
Established in 1988 under the directives of the Government of Saudi Arabia, the Advanced Electronics Company is an offset program company and now a recognized leader in the field of modern electronics manufacturing, system integration and repair and maintenance services. AEC is a private sector company to serve local, national, regional and international clients within the defense, telecom and manufacturing industries. The AEC charter includes design, development, manufacturing, the provision of upgrades and logistical support of electronic products & systems. AEC is a leader in Saudization and having consistently demonstrated the highest integrity in all areas of business and the community, is considered a strategic asset by the Saudi Arabian Government.
Raytheon Company, with 2014 sales of $23 billion and 61,000 employees worldwide, is a technology and innovation leader specializing in defense, civil government and cybersecurity markets throughout the world. With a history of innovation spanning 93 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 cybersecurity and a broad range of mission support services. Raytheon is headquartered in Waltham, Mass. For more about Raytheon, visit us at www.raytheon.com and follow us on Twitter @Raytheon.