WALTHAM, Mass., March 24, 2010 /PRNewswire/ -- Raytheon Company's (NYSE: RTN) Board of Directors has voted to increase the Company's annual dividend payout rate by 21 percent from $1.24 to $1.50 per share. The Board also authorized payment of a quarterly cash dividend of $0.375 per outstanding share of common stock to be paid on April 29, 2010 to shareholders of record as of the close of business on April 6, 2010. Payment of quarterly dividends is subject to Board authorization.

The Board of Directors also authorized the repurchase of up to an additional $2.0 billion of the Company's outstanding common stock. Share repurchases will take place from time to time at management's discretion depending on market conditions.

"The Board's decision to substantially increase our dividend and to authorize additional share repurchases reflects our Company's strong financial position, our continued confidence in our future and our ongoing commitment to our shareholders," said William H. Swanson, Raytheon's Chairman and CEO.

Raytheon Company, with 2009 sales of $25 billion, is a technology and innovation leader specializing in defense, homeland security and other government markets throughout the world. With a history of innovation spanning 88 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 a broad range of mission support services. With headquarters in Waltham, Mass., Raytheon employs 75,000 people worldwide.

SOURCE Raytheon Company