TUCSON, Ariz., April 14, 2008 /PRNewswire/ -- Raytheon Company (NYSE: RTN) and Boeing (NYSE: BA) have signed a teaming agreement to pursue the U.S. Army-U.S. Navy Joint Air to Ground Missile program.

The JAGM program will produce a single missile solution for rotary and fixed wing platforms. With an expected in-service date of 2016, JAGM replaces the BGM-71 TOW, AGM-114 Hellfire and AGM-65 Maverick missiles. Raytheon will be the prime contractor on the team's bid.

The missile is being designed to defeat moving and stationary targets at extended ranges in all types of weather. When available, JAGM will be launched from a variety of fixed- and rotary-wing aircraft, including the F/A-18 E/F Super Hornet, AH-64D Apache Longbow, MH-60R Seahawk, AH-1Z Super Cobra, Extended-Range Multi-Purpose UAV, Armed Reconnaissance Helicopter, and Warrior Unmanned Aircraft System.

"Raytheon and Boeing bring mature advanced seeker and missile technologies, as well as unmatched fixed and rotary wing integration expertise," said Ken Pedersen, Raytheon Missile Systems' vice president for Advanced Programs. "This will provide an affordable, high-performance systems solution to the JAGM requirement."

According to Boeing executives, the Raytheon-Boeing team brings something unique to the table.

"Together, we believe our team offers the Army, Navy and Marine Corps an outstanding track record of performance in weapons program development while delivering reliable products -- on time and on cost," said Carl Avila, director Advanced Weapons, Boeing Integrated Defense Systems.

Raytheon Company, with 2007 sales of $21.3 billion, is a technology leader specializing in defense, homeland security and other government markets throughout the world. With a history of innovation spanning more than 85 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.

A unit of The Boeing Company, Boeing Integrated Defense Systems is one of the world's largest space and defense businesses specializing in innovative and capabilities-driven customer solutions. Headquartered in St. Louis, Boeing Integrated Defense Systems is a $32.1 billion business with 71,000 employees worldwide.

  Contact:
  John Nelson
  520.794.7810  office
  520.664.8560  mobile
  John_H_Nelson@raytheon.com

SOURCE: Raytheon Company

CONTACT: John Nelson of Raytheon Company, office: +1-520-794-7810,
mobile: +1-520-664-8560, John_H_Nelson@raytheon.com

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