TUCSON, Ariz., Nov. 16, 2011 /PRNewswire/ -- The U.S. Air Force awarded Raytheon (NYSE: RTN) a $24 million contract for Paveway II laser-guided bomb components, the majority share of the Air Force's laser-guided bomb buy for overseas contingency operations. The contract was competitively awarded because Raytheon offered the government the lowest price system that met all requirements.

"Numerous tests have demonstrated that Raytheon's combat-proven Paveway has unbeatable accuracy and unmatched standoff distance; this contract validates that our weapon also has the best price," said Harry Schulte, vice president of Raytheon Missile Systems' Air Warfare Systems. "Because Paveway is approved for direct commercial sales, we look forward to offering customers around the globe the same competitive pricing."

About the Paveway Family of Weapons

The combat-proven Paveway is a kit that transforms "dumb" bombs into precision-guided weapons. Paveway II and Paveway III are laser-guidance kits, while the Enhanced Paveway II, Enhanced Paveway III and Paveway IV use both laser- and GPS-guidance.

Paveway Highlights

• More than 300,000 Paveways are in the inventory of 43 nations.
• The Paveway family of weapons is integrated on 25 aircraft.
• Thousands of Paveways have been used in combat.

About Raytheon

Raytheon Company, with 2010 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 89 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 72,000 people worldwide. For more about Raytheon, visit us at www.raytheon.com and follow us on Twitter at @raytheon.

Media Contact
Mike Nachshen
+1.520.794.4088
rmspr@raytheon.com

SOURCE Raytheon Company