Raytheon Awarded $229.8 Million Contract to Replace Florida Tolling Points
WASHINGTON, Oct. 19, 2006 /PRNewswire-FirstCall/ -- Raytheon Company (NYSE: RTN) has been awarded a $229.8 million contract to partner with Florida's Turnpike Enterprise (FTE) to supply electronic toll collection systems in the state for the next 10 years.
Raytheon will provide 835 lanes of toll equipment, a central processing and audit system, and open road tolling technology. The Florida system will be modeled after the highly successful Highway 407 system in Toronto, Canada, which was pioneered by Raytheon nearly 10 years ago. Installation is scheduled to be completed within four years, and Raytheon will remain under contract for the following six years for related tasks.
"Florida's Turnpike Enterprise is very pleased to partner with Raytheon Company as we update our revenue collection systems," said Evelio Suarez, FTE director of toll operations. "We view this significant re-investment in technology as a necessary step in meeting our key goals of delivering transportation value, service, and innovation to our customers."
FTE manages a 612-mile system of limited-access toll highways. The current toll system is a hybrid consisting of lane-based cash and electronic tolling elements. Its mainline Turnpike passes through 11 counties from north Miami to a junction with Interstate 75 in central Florida. FTE also owns or operates other toll road systems throughout the state.
"This contract continues our leadership in global transportation and security solutions," said Andy Zogg, Raytheon vice president of Airspace Management and Homeland Security. "Raytheon operates more than 220 tolling points on three continents, as the most experienced supplier of electronic open road tolling points in the world.
"Raytheon's global transportation and security business includes air traffic management systems that safely control one third of the world's skies and security of airports and critical infrastructure around the world."
Raytheon Company, with 2005 sales of $21.9 billion, is an industry leader in defense and government electronics, space, information technology, technical services, and business and special mission aircraft. With headquarters in Waltham, Mass., Raytheon employs 80,000 people worldwide.
Contact: Lynford Morton 571.239.8280
SOURCE: Raytheon Company
CONTACT: Lynford Morton of Raytheon, +1-571-239-8280
Web site: http://www.raytheon.com/