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Raytheon Acquires Photon Research Associates Inc.

    WALTHAM, Mass., Oct. 6, 2004  /PRNewswire-FirstCall/ -- Raytheon Company
(NYSE: RTN) today announced an acquisition that will strategically strengthen
its capabilities across its missile defense, intelligence, surveillance and
reconnaissance, precision strike and homeland security strategic business

    The Company announced that it has acquired Photon Research Associates Inc.
(PRA), based in San Diego, Calif.  Previously a privately held company, PRA
specializes in physics-based solutions for government customers.  The terms of
the transaction were not disclosed.

    "The acquisition of PRA strengthens our focus on technology," said William
H. Swanson, chairman and CEO of Raytheon.  "PRA will help provide unique
technical solutions for our customers."

    PRA has been a pioneer in the development and application of physics-based
modeling, simulation and analysis products and services for both government
and commercial markets.  The major focus of its business operations has been
in the areas of remote sensing, missile defense, surveillance/reconnaissance,
and intelligence data analysis.  PRA will be a wholly owned subsidiary of
Raytheon Company, reporting to Raytheon's Space and Airborne Systems.

    "PRA is a perfect fit for Raytheon," said Jack Kelble, president of
Raytheon's Space and Airborne Systems business.  "The company brings a strong
foundation of scientific knowledge, and the 'know how' to solve challenging

    Raytheon Company, with 2003 sales of $18.1 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 78,000 people worldwide.

   James Fetig - Raytheon

   Sabrina Steele - Space & Airborne Systems

SOURCE: Raytheon Company

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

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