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Raytheon Awarded $45.5 Million for Paveway™ Laser Guided Bomb Production

TUCSON, Ariz., Oct. 11, 2005 /PRNewswire/ -- Raytheon Company (NYSE: RTN) has been awarded a $45.5 million contract for the U.S. Air Force's fiscal year 2005 procurement of Paveway™ II laser guided bomb kits.

The Paveway™ bomb kits turn conventional "dumb" bombs into precision guided weapons. The semi-active laser guided munitions, which home on reflected energy directed at a target, feature accuracy, reliability and cost- effectiveness unattainable with conventional weapons.

"As the legacy provider of Paveway™ II laser guided bombs, we are committed to providing our customers with the best products available to ensure mission success," said Harry Schulte, Raytheon's Strike product line vice president.

Paveway™ precision guided bombs have revolutionized tactical air-to- ground warfare. Paveway™ was the most widely used precision munition in Operation Iraqi Freedom, with more than 8,700 dropped.

Paveway™ II saw its first combat action in the Falklands in 1982, when used by the U.K.'s Royal Air Force.

Raytheon also produces the Enhanced Paveway™ II, which combines the laser guidance system with a Global Positioning System-aided Inertial Navigation System. The resulting dual-mode capability offers true all-weather flexibility not found in other weapons systems being produced: GPS guidance for poor weather conditions and precise laser guidance when required for mobile targets of opportunity. In addition Enhanced Paveway™ II has demonstrated its ability to be accurately guided on INS in a GPS-denied environment.

Raytheon Company, with 2004 sales of $20.2 billion, is an industry leader in defense and government electronics, space, information technology, technical services, and business and special mission aircraft. With headquarters in Waltham, Mass., Raytheon employs 80,000 people worldwide.

   Alan D. Fischer

SOURCE: Raytheon Company

CONTACT: Alan D. Fischer of Raytheon, +1-520-794-1211

Web site: http://www.raytheon.com/

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