TEWKSBURY, Mass., Aug. 5, 2010 /PRNewswire/ -- The U.S. Navy, Raytheon Company (NYSE: RTN) and members of the DDG 1000 industry team were honored with a 2010 Department of Defense Value Engineering Award. The team was recognized for results achieved through the government-sponsored Surface Ship Affordability Initiative.

The Value Engineering Awards Program acknowledges exemplary achievements and encourages projects to improve in-house and contractor productivity. The Surface Ship Affordability Initiative earned a team award, recognizing the contribution and results achieved by the Navy and members of the DDG 1000 industry team, including Raytheon, BAE Systems, Bath Iron Works and Northrop Grumman.

"This type of innovative collaboration between the Navy and industry is a hallmark of the DDG 1000 program," said Raytheon Integrated Defense Systems' Bill Marcley, vice president of Total Ship Mission Systems and DDG 1000 program manager. "These initiatives not only save money but also help develop and mature DDG 1000's advanced technologies, which will benefit the fleet for years to come."

The Surface Ship Affordability Initiative was created when the Navy's program management office for DDG 1000 partnered with the Office of Naval Research and members of industry to increase affordability for the DDG 1000 class. In all, 35 manufacturing technology projects have been executed during the past several years to improve the efficiency of development, production and shipbuilding processes. As a result of the $49 million invested in the initiative, an estimated total savings of $138 million has been realized.

The Surface Ship Affordability Initiative is funded by the DDG 1000 program and the Manufacturing Technology Program. The ManTech program is a Department of Defense initiative intended to improve the quality, productivity, technology and practices of businesses and workers providing goods and services to all branches of the U.S. armed services.

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