ALBANY, Ga., June 6, 2016 /PRNewswire/ -- The U.S. Marine Corps Logistics Command has awarded Raytheon Company (NYSE: RTN) up to $249 million with options over five years for work on the Secondary Reparable, or SECREP program, rebuilding vehicle parts such as engines, transmissions and electronics. The Marine Corps takes delivery of the items at approximately half the price of buying new. The savings can be re-invested into Marine Corps logistics, helping to ensure the readiness of mission-essential vehicles.

"Raytheon sustainment helps maximize the readiness for warfighters deployed around the globe," said Dave Wajsgras, president of Raytheon Intelligence, Information and Services (IIS). "Our innovative processes help to ensure customers are ready to operate anywhere, with the right equipment at the right time."

Raytheon has helped the Marine Corps realize millions in cost underruns through sustainment programs, which were made available for reinvestment. Raytheon's 98 percent on-time delivery of these mission critical components has resulted in significant cost efficiencies.

"Raytheon finds creative approaches to solutions to enable more mission at less cost," said Todd Probert, vice president of Mission Support and Modernization at Raytheon IIS. "We are a proven, low-risk sustainment partner of choice as military procurement shifts from buying new platforms and vehicles to maintaining and adding capabilities to existing equipment."

This contract covers approximately 1,000 different items serviced by a network of original equipment manufacturers, military depots and small business suppliers. On this previous program Raytheon passed approximately 60 percent of revenues to small businesses, supporting American entrepreneurs while guaranteeing an effective supply chain for the U.S. Marine Corps Logistics Command.

About Raytheon

Raytheon Company (NYSE: RTN), 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.

This document does not contain technology or Technical Data controlled under either the U.S. International Traffic in Arms Regulations or the U.S. Export Administration Regulations. E16-G46X.

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SOURCE Raytheon Company