Raytheon Awarded 10-Year Logistics Contract for Improved Target Acquisition System
MCKINNEY, Texas, Feb. 22, 2007 /PRNewswire/ -- Raytheon Company (NYSE: RTN) has been awarded initial contract funding of $11.7 million from the U.S. Army Aviation and Missile Systems Command, Huntsville, Ala., for contractor logistics support for the Improved Target Acquisition System, or ITAS. The ten-year firm-fixed-price contract, valued at more than $300 million, continues contractor logistics support for the Army and marks the start for the Marine Corps.
The contract requires Raytheon's Network Centric Systems (NCS) business to provide worldwide logistics support to Army and Marine Corps TOW (tube- launched, optically-tracked, wire-guided) weapon system operations at garrison locations, training centers, and in combat operations. It also includes performance-based financial incentives that require Raytheon to maintain system operational readiness rates at or above 90 percent.
The ITAS contractor logistics support program is managed out of Raytheon's McKinney, Texas, facility with field service representatives provided at customer-specified locations around the world, including Iraq and Afghanistan.
ITAS is the advanced Electro-Optic Target Acquisition Fire Control System. It guides the TOW weapon systems to their targets with surgical precision. The targeting system significantly increases TOW's effective range, improves the weapon's ability to hit a target with minimal collateral damage and allows a soldier to engage and destroy targets from safe distances. ITAS's 2nd generation FLIR (forward-looking infrared) sensor provides long-range reconnaissance and surveillance capability 24/7, in all weather and battlefield conditions.
Raytheon Company (NYSE: RTN), with 2006 sales of $20.3 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 more than 80,000 people worldwide.
Contact: George Rhynedance 703.284.4439
SOURCE: Raytheon Company
CONTACT: George Rhynedance of Raytheon Company, +1-703-284-4439
Web site: http://www.raytheon.com/